Practice Brief Exercise 15-5 Larkspur Corporation has outstanding 48,000 shares of $50 par value, 5% preferred stock and 375,000 shares of $1 par value common stock. The preferred stock was issued in July 2017, and no dividends were declared in 2017 or 2018. In 2019, Larkspur declares a cash dividend of $476,000 How will the dividend be shared by common and preferred stockholders if the preferred is noncumulative? Preferred Stockholders Common Stockholders How will the dividend be shared by common and preferred stockholders if the preferred is cumulative? Preferred Stockholders Common Stockholders