Dividends on preferred and common stock. Rensing, Inc., has $800,000 of 4% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2016 and 2017. As of December 31, 2018, it is desired to distribute $270,000 in dividends. Instructions How much will the preferred and common stockholders receive under each of the following assumptions: (a) The preferred is noncumulative and nonparticipating (b) The preferred is cumulative and nonparticipating. (c) The preferred is cumulative and fully participating. (d) The preferred is cumulative and participating to 7% total. tes) Focus