P13-3B At the beginning of its first year of operations, Backwoods Limited has 3,000, $5 preferred shares and 50,000 common shares. Instructions Using the format shown below, allocate the total dividend paid in each year to the preferred and common shareholders, assuming that the preferred shares are (a) noncumulative, and (b) cumulative. (b) (a) Common Cumulative Preferred Common Noncumulative Preferred Year Dividend Paid $15,000 1 12,000 27,000 2 35,000 4