1. During 2004 through 2007, Best Corporation had the following issuances of stock outstanding for the entire period: 5,000 shares of 10%, $50 par, preferred stock 50,000 shares of $10 par common stock Cash dividends declared by the board of directors during 2004 to 2007 were as follows: 2004 2005 2006 2007 $ -0- $ 40,000 $ 50,000 $ 75,000 Compute the amount of total dividends payable to each class of stock during 2004 to 2007 by treating the preferred stock as: a) cumulative b) non-cumulative a) cumulative Total Preferred Dividend Total Common Dividend Year Total 2004 2005 2006 2007 b) non-cumulative Total Preferred Dividend Total Common Dividend Year Total 2004 2005 2006 2007