Togo Inc. has the following shares outstanding 80,000, $1.00, no par value preferred shares 100,000 no par value common shares $800,000 $1,000,000 All shares were sold for $100 each. It is now December 31, 2020, and the board of directors wants to distribute $484,000 in dividends. Dividends were not paid on preferred in the proceedi Instructions Calculate how much the preferred and common shareholders will receive under each of the following assumptions: a) The preferred is cumulative and fully participating b) The preferred is cumulative and participating to 16% total