P5-3A Allocate dividends between preferred and common shares (LO 2) AP At the beginning of its first year of operations, Northwoods Limited has 5,000, $4 preferred shares and 50,000 common shares. Instructions Using the format shown bclow, allocatc the total dividcnd paid in cach ycar to the prefcrred and common sharcholdcrs, assuming that the preferred sharcs arc (a) noncumulative, and (b) cumulativc. Year Dividend Paid Noncumulative Preferred Common Cumulative Preferred Common 1 S20,000 2 15,000 3 30,000 4 35,000 PS-3B Allocate dividends between preferred and common shares. (LO 2) AP At the beginning of its first year of operations, Backwoods Limited has 3,000, $5 preferred shares and 50,000 common shares nstructions 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. ( Year Dividend Paid Noncumulative Preferred Common Cumulative Preferred Common S15,000 2 12,000 3 27,000 4 35,000