Togo Inc. has the following shares outstanding: 40,000, $0.80, no par value preferred shares $400,000 60,000 no par value common shares $600,000 All shares were sold for $100 each. No dividends have been declared since December 31, 2011. It is now December 31, 2017, and the board of directors wants to distribute $204,000 in dividends. Required: Calculate how much the preferred and common shareholders will receive under each of the following assumptions:

a) The preferred is noncumulative and non-participating.

b) The preferred is cumulative and non-participating.

c) The preferred is cumulative and fully participating.

d) The preferred is cumulative and participating to 12% total