ortion of the stockholders' equity section from the balance sheet of Spence Corporation appears as follows. Notice that the ipony has two classes of preferred stock with different features, in addition to common stock. tockholdern' equity: referred stoek, 94 cumuletive, $50 par, 35,000 shares ahorlzed, finued, and outstanding roferted ttock, 120 noncuinlative, $100 par, 5,100 wharel authorized, issued, and outatanding otmon thock, 65 par, 390,000 marea rauthorized, loaved, and outstanding Total pald-in capital Ume that ali the stock was issued on January 1 and that no dithdends were paid during the first two years of operation. ing the third year, Spence paid total cash dividends of $736,000. julred: Sompute the amount of cash dividends paid during the third year to each of the three classes of stock zompute the dividends paid per share during the third year for each of the three classes of stock. Vote: Round your answers to 2 decimal places. Nhat was the average issue price of each type of preferred stock? Stockholders' equity: Preferred stook, 98 cumulative, $50 par, 35,000 shares authorized, issued, and outstanding Preferred stock, 127 noncumulative, $100 par, 5,800 shares authorized, issued, and outstanding Common stock, $5 par, 390,000 shares authorized, issued, and outstanding Total paid-in capital Assume that all the stock was issued on January 1 and that no dividends were paid during the first two years During the third year, Spence paid total cash dividends of $736,000. Required: a. Compute the amount of cash dividends paid during the third year to each of the three classes of stock. b. Compute the dividends pald per share during the third year for each of the three classes of stock. Note: Round your answers to 2 decimal places. c. What was the average issue price of each type of preferred stock