(P13-3B At the beginning of its first year of operations, Backwoods Limited has 3,000, $5 preferred shares and Alloc 50,000 common shares. prefe Instructions share 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) Year Dividend Paid Noncumulative Preferred Common Cumulative Preferred Common $15,000 12,000 27,000 35,000 (a)