A company has outstanding 50,000 shares of $90 par value, 4.0% preferred stock and 110,000 shares of $1 par value common stock. During its first three years of operations, the company declared and paid no cash dividends in the first year, $510,000 in the second year, and $170,000 in the third year. Part 1 Suppose that the preferred stock is cumulative. Determine the total amount of cash dividends paid to each class of stock in each of the three years. Distribution to Preferred Year 1 $0 Year 2 $510,000 Year 3 $170,000 Common $0 $360,000 > $0 > > > Part 2 Suppose that the preferred stock is non-cumulative. Determine the total amount of cash dividends paid to each class of stock in each of the three years. Distribution to Preferred Common Year 1 $0 $0 Year 2 $510,000 $180,000 Year 3 $170,000 $0