Kangaroo Media Inc. has issued and outstanding a total of 40,000 shares of $7.20 preferred shares and 120,000 of common shares. The company began operations and issued both classes of shares on January 1, 2022.

Required

1. Calculate the total dividends to be paid to each group of shareholders in each year by completing the following chart. Assume that the preferred shares are cumulative.

2. Calculate the total dividends to be paid to each group of shareholders in each year by completing the following chart. Assume that the preferred shares are noncumulative.

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Year Dividends Declared and Paid Preferred Dividends Common Dividends 2022 $360,000 60,000 2023 2024 150,000 2025 900,000