You are provided with the records of Blue Corporation for the year 2020, before any cash dividend declaration: 10% Prefe

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You are provided withthe records of Blue Corporation for the year 2020, before any cashdividend declaration:10% Preference Share Capital, ₱120 par = ₱3,840,000Subscribed Preference Share Capital = ₱420,000Subscriptions Receivable-Preference = ₱250,000Ordinary Share Capital, ₱70 par = ₱3,220,000Subscribed Ordinary Share Capital = ₱735,000Subscriptions Receivable-Ordinary = ₱320,500Accumulated Profits-Free = ₱6,285,450Treasury Shares-Ordinary (at cost: ₱75) = ₱375,000
The preference sharesare non-cumulative and participating. Dividends are in arrears forthe past three years. During the dividend distribution, theordinary shares received ₱79,616.50 as their share in the balancefor participation. How much is total dividendsreceived by ordinary shares? Round off you answer to twodecimal places.
Answer is₱440,116.5 but please show solutions in good form.