In each of the following independent cases, it is assumed that the corporation has $800,000 of 5% preferred stock and $3,200,000 of common stock outstanding, each having a par value of $10. No dividends have been declared for 2019 and 2020. (a) As of 12/31/21, it is desired to distribute $250,000 in dividends. How much will the preferred stockholders receive if their stock is cumulative and nonparticipating? How much will common shareholders receive? (b) As of 12/31/21, it is desired to distribute $800,000 in dividends. How much will the preferred stockholders receive if their stock is cumulative and participating? How much will common shareholders receive?