*E15-22B (Preferred Dividends) DHR Holdings accounting records show the followin

*E15-22B (Preferred Dividends) DHR Holdings accounting records show the following balances on December 31 2014.12% Preferred stock$100 par value outstanding 20000 shares $2000000Common stock$1 par value outstanding 50000 shares 50000Retained earnings 1650000InstructionsAssuming that the directors decide to declare total dividends in the amount of $500000 determine how much each class of stock should receive under each of the conditions stated below. One years dividends are in arrears on the preferred stock.(a) The preferred stock is cumulative and fully participating.(b) The preferrred stock is noncumulative and nonparticipating.(c) The preferred stock is noncumulative and is participating in distributions in excess of a 12% dividend rate on the common stock.

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