Source Sans... BIU-abe X, X? A 3 . A . A A Styles Style S Review Question_Winter 2020_Page 3 Question #3 Dividends on preferred shares At December 31, 2020, Russia Inc. has outstanding the following shares 5,000, $ 3.20, no par value preferred shares with a carrying value of $ 200,000, and 40,000 no par value common shares with a carrying value of $ 600,000 No dividends have been paid since December 31, 2017. The corporation now desires to distributes 120,000 in dividends. Instructions Calculate how much the preferred and common shareholders will receive if the preferred shares are cumulative and fully participating. 1001