eview View E-9. 5 = 2+ 1 AaBbCcDdE AaBbcc de AaBbCcDdE Heading 5 List Paragraph Normal Due date: March 31, 2020 at 12:00 PM Question # 3 (14 marks) In each of the following independent cases, it is assumed that the corporation has outstanding 20,000, $0.80, preferred shares, with a carrying value of $200,000, and 80,000 common shares, with a carrying value of $800,000. Although dividends have been paid regularly, no dividends were declared for past two years. 1.At December 31, 2017, the board of directors wants to distribute $125,000 in dividends. How much will the preferred shareholders receive if their shares are cumulative and non-participating? 2.At December 31, 2017, the board of directors wants to distribute $200,000 in dividends. How will the preferred shareholders receive if their shares are cumulative and participating up to 15% in total? On December 31, 2017, the preferred shareholders received an $80.000 dividend on their shares, which are cumulative and fully participating. How much money was distributed in total for dividends