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With many Saskatchewan residents now vaccinated against COVID-19, BNI is hopeful that in 2021 its garden centers and physical stores will not experience the closures mandated by the government in 2020 to curb the spread of COVID-19 and net income will increase significantly. Therefore, it is hoped that BNI can declare cash dividends in 2021 since it was not possible to do so in 2020. The following is the shareholder's equity section from BNI's statement of financial position as at December 31, 2020: Preferred shares, 100,000 authorized, 15,000 issued (Note) Common shares, unlimited number authorized, 50,000 issued Retained earnings Accumulated other comprehensive income $15,000,000 5,000,000 9,500,000 425,000 $29,925,000 Note: The preferred shares are cumulative, fully participating and have a stated dividend rate of $50 per year. Gloria has asked you to determine the TOTAL cash dividends that can be expected by EACH of the preferred and common shareholders during 2021 if BNI has a total of $3,500,000 to distribute. You plan to clearly label your work, provide detailed supporting calculations and round all amounts other than those expressed as a percentage to the nearest dollar. You plan to express percentages in percentage format with the amounts rounded to two decimal places (8 marks)