Exercise 12-12 Allocating dividends between common and cumulative preferred shares L05 The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Total Dividends Declared Year 2021 2022 $ -0- 440,000 1,058,000 2023 2024 440,000 Determine the total dividends paid in each year to each class of shareholders. Also determine the total divi dends paid to each class over the four years. Exercise 12-13 Allocating dividends between common and non-cumulative preferred shares LO5 Determine the total dividends paid in each year to each class of shareholders of Exercise 12-12 under th assumption that the preferred shares are non-cumulative. Also determine the total dividends paid to eac class over the four years.