Infomatics, Inc. has 60,000 shares of $4 par value common stock and 9,000 shares of 8%, $11 par value preferred stock outstanding at December 31, 2020. On January 1, 2021, the board of directors declares a $64,000 dividend. No dividends were paid in 2019 or 2020.

Determine the amount of the $64,000 dividend that will be paid to the preferred stockholders and to the common stockholders in 2021 under two independent assumptions:

1. The preferred stock is noncumulative.

2. The preferred stock is cumulative.

Dividend Paid to Preferred Stockholders Dividend Paid to Common Stockholders

1.Preferred stock is noncumulative _____________________________ _______________________________

2.Preferred stock is cumulative _____________________________ _______________________________