Finn Corporation has outstanding 10,000 shares of $100 par value, 5% preferred stock and 50,000 shares of $5 par value common stock. During its first three years in business, Finn declared no dividends in the first year, $300,000 of cash dividends in the second year, and $80,000 of cash dividends in the third year.

a. If the preferred stock is cumulative, determine the total amount of dividends paid to each class of stock for each of the three years.

b. If the preferred stock is not cumulative, determine the total amount of dividends paid to each class of stock for each of the three years.