Please provide solution to part A, showing all your work. I am trying to determine how the numbers in the solution were established (especially the preferred participating dividend). Thank You!

Question 9 [15 points] Second Time Around Clothing's year-end is September 30, 2015. At that time the ledger showed the following balances: Preferred shares, $8 cumulative, participating, 250,000 shares authorized, 35,000 shares issued* $950,000 Common shares, 350,000 shares authorized, 50,000 shares issued 2,000,000 Contributed surplus (from previous cancellations of common shares). 1,450,000 Retained earnings 2,500,000 *The preferred shares participate in distributions when the common shares receive in excess of a $2 dividend per share. Answer the following independent questions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). a) Calculate the amount of cash required to pay a cash dividend of $3 to the common shareholders, if dividends have not been paid in 2013 or 2014. Please make sure your final answer(s) are accurate to the nearest whole number. Preferred Common Total Total dividends for 2015 $1,006,250 $150,000 $1,156,250 Marking: The total preferred dividends should be $863,750, but you have not entered this. This will cost you 1 mark. The total dividends should be $1,013,750, however the amount you entered was consistent with your earlier entries so you will not lose any marks. Preferred Common Total Dividends in arrears $560,000 $560,000 Current year dividend 280,000 $100,000 380,000 Participating dividend 23,750 50,000 73,750 Total $863,750 $150,000 $1,013,750