ThermalPro is a distributor of temperature control equipment and has a June 30 year-end. Dividends were last paid in 2018 (dividends related to 2018 and prior years were paid in 2018 and no additional dividends were paid in 2019 or 2020).

On June 30, 2021 the company declared $120,000 of dividends. As at June 30, 2021, the following shares were outstanding:

$0.35 Preferred shares, 75,000 issued and outstanding...................$375,000.

Common shares, 90,000 issued and outstanding............................$360,000.

Calculate how much ThermalPro owes in dividends to each of the shareholders as at June 30, 2021 in each of the following three scenarios:

(a) Preferred shares are non-cumulative and non-participating.

(b) Preferred shares are cumulative and non-participating.

(c) Preferred shares are cumulative and participating.