Carington Corp. has outstanding 10 million shares of $2 par value common stock and 1 million shares of 7% $4 par value preferred stock. The company declares total dividends amounting to $50,000, $250,000, and $600,000 during 2017, 2018, and 2019, respectively. Calculate the amount of dividends to be distributed to preferred and common shareholders under each of the two following scenarios: The preferred stock is noncumulative The preferred stock is cumulative