If a company had 120,000, 4% preference shares of ＄1 each and 250,000 ordinary shares of ＄ 1 each, then the dividends would be payable as follows: Year 1 Year 2 Year 3 Year 4 Year 5 ＄＄ ＄ ＄ ＄ Total Profits appropriated for dividends7,000 3,000 20,000 4,000 5,000 Required: (a)If the preference shares are cumulative, non-participating, calculate the preference dividends and ordinary dividends in each year. (b)If the preference shares are cumulative, participating, calculate the preference dividends and ordinary dividends in each year.