At the beginning of its first year of operations, Headlands Limited has 5,400, $4 preferred shares and 54,000 common shares. Using the format shown below, allocate the total dividend paid in each year to the preferred and common shareholders, assuming that the preferred shares are (a) noncumulative, and (b) cumulative. Year Dividend Paid 1 $21,600 $ 2 16,200 3 32,400 4 37,800 Noncumulative Preferred (a) $ Common $ (b) Cumulative Preferred GA $ Cumulative Preferred (b) GA Common