XYZ Corporation declared dividends of $1,000,000 for the year ended December 31, 2017 on June 30, 2018.These dividends are payable to all shareholders on record as of April 30, 2018.XZY Corporation has common shares with a value of $2,000,000 with a no-par-value.In addition to this the company has issued and outstanding $1,000,000 in preferred shares with a par value of $100 per share that carry a $10 per share dividend.The company has not paid these dividends in 3 years.How should XZY Corporation allocate the dividends under the following scenarios for the preferred Shares?(SHOW YOUR CALCULATIONS)

1. Prefered shares are non-cumulative and non participating
2. prefered shares are cumulative and non-participating
3. preferred shares non-cumulative and participating
4. orefered shares are cumulative and participating