A B As of December 31, 2020, the Russell Corporation has 12000 shares of 12% preferred stock issued and outstanding with a total par value of $275000. In addition, as of this date, Russell has 85000 shares of common stock issued and outstanding with a total par value of $750000. Dividends for 2018 and 2019 have not been paid. As of December 31, 2020, the 1 Russell Corporation declared total cash dividends of $320000 to be paid to both the 2 Required: How much cash will be distributed to both the preferred stockholders and the common 3 stockholders, respectively, on December 31, 2020, under each of the 4 5 a. The preferred stock is noncumulative and nonparticipating. 6 Preferred stockholders 7 Common stockholders 8 9 b. The preferred stock is cumulative and nonparticipating. 10 Preferred stockholders 11 Common stockholders 12 13 c. The preferred stock is cumulative and fully participating. 14 Preferred stockholders 15 Common stockholders 16 17 d. The preferred stock is cumulative and partially participating up to 15% of its par value. 18 Preferred stockholders 19 Common stockholders 20 21