Analyzing Cash Dividends on Preferred and Common Stock Torres Company began business on June 30, 2018. At that time, it issued 17,500 shares of $40 par value, 8% cumulative preferred stock and 70,000 shares of $5 par value common stock. Through the end of 2020, there has been no change in the number of preferred and common shares outstanding. a. Assume the company declared and paid cash dividends of $72,100 in 2018, $0 in 2019, and $322,700 in 2020. Compute the total cash dividends and the dividends per share paid to each class of stock in 2018, 2019, and 2020. 2018 Total Dividends Dividends per Share $ $ Preferred shareholders: $ Common shareholders: $ Total Dividends Dividends per Share 2019 Preferred shareholders: $ Common shareholders: $ 2020 $ $ Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $ b. Assume the company declared and paid cash dividends of $0 in 2018, $112,000 in 2019, and $194,600 in 2020. Compute the total cash dividends and the dividends per share paid to each class of stock in 2018, 2019, and 2020. 2018 Total Dividends Dividends per Share $ $ Preferred shareholders: $ Common shareholders: $ Total Dividends Dividends per Share 2019 Preferred shareholders: $ Common shareholders: $ 2020 $ $ Total Dividends Dividends per Share Preferred shareholders: $ Common shareholders: $ $ $