A Section of IRC Incorporated's Balance Sheet Appears as Follows $\quad\quad\quad \$ 200,000$

A section of IRC Incorporated's balance sheet appears as follows:
IRC Incorporated
Partial Balance Sheet
December 31, 2017 Shareholders' Equity
Contributed Capital:
Preferred shares,$4.00,10,000 shares authorized,2,000
shares issued $\quad\quad\quad \$ 200,000$ Common shares,unlimited number of shares authorized,
$\begin{array}{lc}10,000 \text { shares issued }&450,000\\\text { Total contributed capital } & 650,000 \\\text { Retained earnings } & 378,000\\\text { Total shareholders' equity }&\$1,028,000\end{array}$ a_How much in dividends must IRC Incorporated declare each year before the common shareholders receive cash dividends for the year?
b_Assume $40,000 was paid in dividends in the year 2017.What would be the breakdown between common and preferred dividends assuming there are no dividends in arrears?
c_How would the declaration of a $50,000 dividend affect the shareholders' equity section of IRC Incorporated's balance sheet?