Aaron Burr Corp. had $100,000 of 10%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2007.

(a) Assuming that total dividends declared in 2007 were $88,000, and that the preferred stock is not cumulative but is fully participating, common stockholders should receive 2007 dividends of what amount?

(b) Assuming that total dividends declared in 2007 were

$88,000, and that the preferred stock is fully participating and cumulative with preferred dividends in arrears for 2006, preferred stockholders should receive 2007 dividends totaling what amount?