Check my work The records of Hollywood Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $10 par value, 50,000 shares outstanding Preferred stock, 11 percent. $8 par value. 9,000 shares outstanding Retained earnings, $232,000 On September 1 of the current year, the board of directors was considering the distribution of an $74,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. (Round your "per share" amounts to 2 decimal places.) Preferred Common Noncumulative; Total Per share Cumulative: Total Per share