2 Rensing, Inc. has $80,000 of $100 par value 64 preferred stock outstanding. It also has 12,000 shares of common stock outstanding, each having a par value of $10 per share. No dividends were declared or paid during 2010. In 2011, $5,000 dividends were paid and in 2012 $10,000 were paid. Instructions Determine how much the preferred and common shareholders will receive in dividends in each of the years 2010, 2011 and 2012 under the following assumptions. Calculate the dividends per share in each of the years dividends were paid. 1) The preferred stock was noncumulative ii) The preferred stock was cumulative