M8-29. Determining Cash Dividends to Preferred and Common Shareholders Hobson Company has outstanding 40,000 shares of $50 par value, 6% cumulative preferred stock and 100,000 shares of $10 par value common stock. The company declares and pays cash dividends amount- ing to $280,000. a. If there are no preferred dividends in arrears, how much in total dividends, and in dividends per share, does Hobson pay to each class of stock? b. If there are one year's dividends in arrears on the preferred stock, how much in total dividends, and in dividends per share, does Hobson pay to each class of stock