Current Attempt in Progressi Your answer is partially correct. Ivanhoe Holding's accounting records show the following balances on December 31, 2020. 12% Preferred stock-$100 par value, outstanding 18,000 shares Common stock-$1 par value, outstanding 45,000 shares $1,800,000 45,000 Retained earnings 1,580,000 Assuming that the directors decide to declare total dividends in the amount of $540,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating (Round the rate of participation to 4 decimal places, eg.1.4278% Round answers to O decimal places, eg. $38,487.) Preferred Common $ 100098 2502 (c) The preferred stock is noncumulative and is participating in distributions in excess of a 12% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, eg.1.4278%. Round answers to O decimal places, eg. $38,487.) Preferred 2669268 Common 66732