Question 3 (7 marks) Fortunately, learners and shareholders believe in Leonard Inc. and the company would like to issue dividends. Leonard Inc. has $150,000, $1.00, no par value preferred shares (50,000 shares) and $600,000 of no-par value common shares outstanding (120,000 shares). No dividends have been paid or declared during 2018 and 2019. As of December 31, 2020, the company wishes to distribute $600,000 in dividends. Required: How much will the preferred and common shareholders receive under each of the following independent assumptions? a) The preferred is noncumulative and nonparticipating. b) The preferred is cumulative and nonparticipating. c) The preferred is cumulative and fully participating