Use the following information to answer questions 1 and 2.

This is the shareholders equity of Pinnacle on Dec 31, 2016.

• Common share (200,000 issued and outstanding) $ 800,000
• 7 percent, preferred shares (20,000 authorized, 18,000 issued) 200,000
• Retained earnings 650,000
• Total $ 1,650,000

Notes:

1. Preferred shares were issued on Jan 1, 2013.
2. No dividends declared or paid since 2013 until Pinnacle declared and paid $400,000 dividends on Dec 31, 2016.

1. Assuming preferred shares are both cumulative and participating in dividend distributions in excess of a 10 percent dividend rate on the common shares, what was the total dividend that preferred and common shareholders received, respectively on Dec 31, 2016?
2. Assuming preferred shares are none cumulative, but participating in dividend distributions in excess of a 20 percent dividend rate on the common shares, what were the total dividends that preferred and common shareholders received, respectively on Dec 31, 2016?