E11-10 (Algo) Computing Dividends on Preferred Stock and Analyzing Differences [LO 11-3, LO 11-4] The records of Hines Industries reflected the following balances in the stockholders' equity accounts at December 31, 2021: Common stock, par $12 per share, 44,500 shares outstanding. Preferred stock, 8 percent, par $19.00 per share, 6,810 shares outstanding. Retained earnings, $229,000 On January 1, 2022, the board of directors was considering the distribution of a $62,900 cash dividend. No dividends were paid during 2020 and 2021 . Required: 1. Determine the total and per-share amounts that would be paid to the common stockholders and to the preferred stockholders under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. 2. Why might the dividends per share of common stock be different for noncumulative preferred stock and cumulative preferred stock? Complete this question by entering your answers in the tabs below. Determine the total and perishare amounts that would be paid to the common stockholders and to the preferred stockholders assuming the preferred stock is noncumulative. (Round "Per Share" to 2 decimal places and rest to the nearest dolfar amount) Determine the total and per share amounts that would be paid to the common stockholders and to the preferred stockholders assuming the preferred stock is cumulative. (Do not round intermediate instructions. Round "Por Share" to 2 decimal places and rest to the nearest dollar amount.) Why might the dividends per share of common stock be different for noncumulative preferred stock and cumulative preferred stock? The dividends in arrears on the cumulative pretered stock had to be paid before any divifends could bo paid on the common stock The dividend rate for cumulative preterred stock and noncumulative preferred stock afe different