Can you please explain Part C only?

Question 10 [15 points] Following is the shareholders' equity section of DigiCom's balance sheet on December 31, 2020: Preferred shares, 20,000 shares outstanding $400.000 Common shares, 35,000 shares outstanding 2,000,000 Total share capital 2,400,000 Retained earnings 990.000 Total shareholders' equity $3,390,000 The board of directors has decided to declare dividends of $556,000. One year's dividends of $1 per share are in arrears on the preferred shares. Calculate the amount of dividends each class of shares will receive under the following circumstances: A. The preferred shares are cumulative and fully participating. B. The preferred shares are non-cumulative and non-participating C. The preferred shares are non-cumulative and are participating. Conditions of the participation indicate that preferred shares only participate in dividends paid in excess of 20% on the common shares