At December 31, 2020, the records of Hoffman Company reflected the following balances in the shareholders' equity accounts: Common shares par $13 per share: 44,000 shares outstanding Preferred shares: 8 percent, par $10 per share: 6,600 shares outstanding Retained earnings: $222.000 On January 1, 2021 , the board of directors was considering the distribution of a $64.000 cash dividend. No dividends were paid during 2015 and 2016. 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 non-cumulative. 1-b. The preferred shares are cumulative. 2. Why were the dividends per common share less for the second assumption? 3. What factors would cause a more favourable dividend for the common shareholders