Part 3: Stock Dividends A company was organized in January 2016 and has 20,000 shares of $10 par value, 10%, nonparticipating preferred stock outstanding and 150,000 shares of S2 par value common stock outstanding. It has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. Assuming the preferred stock is noncumulative: Cash Dividends Preferred Declared & Paid Dividend Common Dividend Preferred Dividends in Arrears 2016 2017 2018 $18,000 $36,000 $60,000 Assuming the preferred stock is cumulative: Cash Dividends Preferred Declared & Paid Dividend Common Dividend Preferred Dividends in Arrears 2016 2017 2018 $18,000 $36,000 $60,000