Dividends on Preferred Shares
on December 31, 2020, the Shareholders

Dividends on preferred shares
On December 31, 2020, the shareholders' equity of Finland Corporation shows the following: $\begin{array}{lll}\text{ Preferred shares-\$ 6, no par, 8,000 shares outstanding .................. } & \$ 400,000 \\\text{ Common shares-no par, 60,000 shares outstanding .....................} & 800,000 \\\text{ Retained earnings ........................................................................} &\underline{\text{ 240,000 }} \\\text{ Total shareholders' equity ........................................................... } & \$ 1,440,000 \\\end{array}$ Assume that preferred dividends were last paid on December 31, 2018, and that all of the company's retained earnings are to be paid out in dividends on December 31, 2020.
Instructions
If the preferred shares are cumulative and fully participating, how much should each class of shares receive?