At the beginning of its first year of operations. Waterway Limited has 5.000, $ 4 preferred shares and 51,000 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. (a) (b) Dividend Paid Noncumulative Preferred Year Cumulative Preferred Common 1 $ 20.000 $ $ $ $ 2 16.000 3 32,000 4 30.000 (b) Cumulative Preferred Common $ $