please give detailed explanation. Hand written answer is not acceptable.

Foster Inc. has the following shares outstanding: 50,000, $ 0.80, no par value preferred shares $ 500,000 75,000 no par value common shares $ 600,000 No dividends have been declared since December 31, 2018. It is now December 31, 2020, and the board of directors wants to distribute $ 240,000 in cash dividends. Instructions Calculate how much the preferred and common shareholders will receive under each of the following assumptions: a) The preferred is cumulative and fully participating. (5 marks) b) The preferred is cumulative and participating to 14% total. (7 marks)