NAME: SCORE: SECTION: PROFESSOR: Problem #21 Dividends on Preference and Ordinary Shares The preference and ordinary shares outstanding of R. Dela Calzada, Inc. on Dec. 31 2019 follows: 8% Preference Shares, P.10 par, cumulative, participating, 40,000 shares authorized, 10,000 shares issued and outstanding P100,000 Ordinary Shares, P2 par, 10,000,000 shares authorized, 250,000 shares issued and outstanding 500,000 Total Preference and Ordinary Shares P600,000 Required: Calculate the amount of dividends received by preference and ordinary shareholders, respectively, under each of the following assumptions: 1. Preference dividends for 2018 are in arrears. On Dec. 31, 2019, R. Dela Calzada declared a total dividend of P56,000. 2. No dividends are in arrears. On Dec. 31, 2019, R. Dela Calzada declared a total dividend of P66,000. 3. Preference dividends for 2017 and 2018 are in arrears. On Dec. 31, 2019, R. Dela Calzada declared a total dividend of P88,000