1 Baker Company plans to declare a cash dividend on June 30, 20x5. The stockholders' equity consists of the following accounts at that date: Preferred shares Dividend rate Par value Number of shares authorized Number of shares issued Number of shares outstanding 5% 24,000 16,000 16,000 Common shares Par value Number of shares authorized Number of shares issued Number of shares outstanding 200,000 120,000 120,000 580,000 Retained earnings Dividends have not been paid for the past years. The following amounts are being considered for the cash dividend declaration: 60,000 100,000 $140,000 REQUIRED For each of the dividend declaration amounts (above) being considered: Determine the amount of dividends that will be distributed to the preferred and a) common shareholders if the preferred stock is cumulative and nonparticipating. Determine the amount of dividends that will be distributed to the preferred and b) common shareholders if the preferred stock is noncumulative and nonparticipating. c) Determine the amount of dividends that will be distributed to the preferred and common shareholders if the preferred stock is cumulative and fully participating