Common shares: par $12 per share; 52,000 shares outstanding Preferred shares: 9 percent; par $10 per share; 7,800 shares outstanding Retained earnings: $226,000 On January 1, 2017, the board of directors was considering the distribution of a $69,500 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. (Round your per share amount to 2 decimal places.) Answer is complete and correct. Total Per Share 0.90 $ Paid to preferred shareholders Paid to common shareholders $ 7,020 $ 62,480 1.20 1-b. The preferred shares are cumulative. (Round your per share amount to 2 decimal places.) X Answer is complete but not entirely correct. Total Per Share 2.70 $ Paid to preferred shareholders Paid to common shareholders $ 21,060 $ 48,440 $ 1.20 X