Accounting Help

The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2011: Common shares, par $14 per share, 24,000 shares outstanding. Preferred shares, 7 percent, par $10 per share, 5,200 shares outstanding. Retained earnings, $239,000. On January 1, 2012, the board of directors was considering the distribution of a $70,000 cash dividend. No dividends were paid during 2010 and 2011. Required: Determine the total and per share amounts that would be paid to the common shareholders and to the preferred shareholders under two independent assumptions: 1-a. The preferred shares are noncumulative. (Round your answers to 2 decimal places. Omit the sign in your response.) Total Per Share 0.70 Paid to preferred shareholders 3640 Paid to common shareholders 24000 0.98 1-b. The preferred shares are cumulative. (Round your answers to 2 decimal places. Omit the sign in your response.) Total Per Share Paid to preferred shareholders Paid to common shareholders