5. Rensing, Inc., has $800,000 of 4% preferred stock and $1,200,000 ofcommon stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2016 and 2017. A of December 31, 2018, it is desired to distribute $270,000 in dividends Required: How much will the preferred and common stockholders receive under each of the following (a) The preferred is noncumulative and nonparticipating. (b) The preferred is cumulative and nonparticipating