E11-18 (Algo) Computing Dividends on Preferred Stock and Analyzing Differences LO11-4, 11-8, 11-9 The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 37,000 shares outstanding Preferred stock, 9 percent, $9 par value, 8,000 shares outstanding Retained earnings, $227,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $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: 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. Note: Round your "per share" amounts to 2 decimal places. \begin{tabular}{|l|c|} \hline & Preferredstock \\ \hline Noncumulative: & \\ \hline Total & \\ \hline Per share & \\ \hline Cumulative: & \\ \hline Total & \\ \hline Per share \\ \hline \end{tabular}