Quadrant Corporation paid dividends of P2,000,000 and P3,000,000 at the end of 2019 and 2020, respectively. The corporation has not paid any other dividends since its organization on January 1, 2019....

Quadrant Corporation paid dividends of P2,000,000 and P3,000,000 at the end of 2019 and 2020, respectively. The corporation has not paid any other dividends since its organization on January 1, 2019.  The outstanding shares are 200,000, 12% preference shares, par P100 and 300,000 ordinary shares, par P100.
If the preference shares are cumulative but nonparticipating, ordinary shareholders will receive in 2020: