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Purpose: This exercise will illustrate the allocation of dividends when a corporation has both pre- ferred and common shares outstanding. Daly Corporation has the following shares outstanding, without any changes, for years 2019, 2020, and 2021. 100,000 preference shares, 5% 300,000 common shares Dividends are declared as follows: $ 25,000 $ 45,000 $105,000 $ 600,000 1,200,000 $1,800,000 2019 2020 2021 Instructions Calculate the amount of dividends (total and per share) to be allocated to preferred shareholders and to common shareholders for each of the three years under each of the independent assumptions below: (a) The preferred shares are non-cumulative and non-participating. (b) The preferred shares are cumulative and non-participating. (c) The preferred shares are cumulative and fully participating