Marigold Company’s ledger shows the following balances onDecember 31, 2017. 8% Preferred Stock—$10 par value, outstanding20,400 shares $ 204,000 Common Stock—$100 par value, outstanding27,300 shares 2,730,000 Retained Earnings 589,000 Assuming that thedirectors decide to declare total dividends in the amount of$396,000, determine how much each class of stock should receiveunder each of the conditions stated below. One year‘s dividends arein arrears on the preferred stock. (a) The preferred stock iscumulative and fully participating. (Round the rate ofparticipation to 4 decimal places, e.g.1.4278%. Round answers to 0decimal places, e.g. $38,487.) Preferred Common $Entry field withincorrect answer now contains modified data $Entry field withincorrect answer now contains modified data (b) The preferred stockis noncumulative and nonparticipating. (Round answers to 0 decimalplaces, e.g. $38,487.) Preferred Common $Entry field with correctanswer 16320 $Entry field with correct answer 379680 (c) Thepreferred stock is noncumulative and is participating indistributions in excess of a 10% dividend rate on the common stock.(Round the rate of participation to 4 decimal places, e.g.1.4278%.Round answers to 0 decimal places, e.g. $38,487.) Preferred Common$Entry field with incorrect answer now contains modified data 8011$Entry field with incorrect answer 109189