Exercise 10-5 (Algo) Determine the amount of dividends on preferred stock (LO10-3) Alexander's Athletic Apparel has 1,700 shares of 5%,$100 par value preferred stock the company issued at the beginning of 2023 . All remaining shares are common stock. The company was not able to pay dividends in 2023 , but plans to pay dividends of $18,000 in 2024. Required: 1. \& 2. How much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2024 , assuming the preferred stock is cumulative? What if the preferred stock were noncumulative