Allocation of Cash Dividends
Togo Inc All Shares Were Sold for $ 10 Each

Allocation of cash dividends
Togo Inc. has the following shares outstanding: $$\begin{array} { l l } 40,000 , \$ 0.80 , \text { no par value preferred shares } & \$ 400,000 \\60,000 \text { no par value common shares } & \$ 600,000\end{array}$$ All shares were sold for $ 10 each.
No dividends have been declared since December 31, 2017. It is now December 31, 2020, and the board of directors wants to distribute $ 204,000 in dividends.
Instructions
Calculate how much the preferred and common shareholders will receive under each of the following assumptions:
a) The preferred is noncumulative and non-participating.
b) The preferred is cumulative and non-participating.
c) The preferred is cumulative and fully participating.
d) The preferred is cumulative and participating to 12% total.