2. Tommy John Company has $(see below) to distribute as dividends. It has $1 par value outstanding (see par value below) and shares of 6% preferred stock with a par value of $100 per share (see par value below). How would the dividends be distributed to each group of shareholders if the company has not paid a dividend for 2 years under the following assumptions:

1. Assume that the preferred stock is cumulative and fully participating.
2. Assume that the preferred stock is non-cumulate and fully participating
3. Assume that the preferred stock is cumulative and non-participating

Avail. For Dividends_ Common Par Value Preferred Par Value

$12,000,000 $20,000,000 $10,000,000