Preferred Stock3%, $14 par value; 7,000 shares authorized, 5,500 shares issued and outstanding Common Stock$0.20 par value; 2,250,000 shares authorized, 1,650,000 shares issued and outstanding Based on this data, answer the following questions: 1. Platinum declares cash dividends of $20,000 for 2016. How much of the dividends go to preferred stockholders? How much of the dividends go to common stockholders? 2. Assume the preferred stock is cumulative and Platinum declared the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of $50,000. How much of the dividends go to preferred stockholders? How much of the dividends go to common stockholders? 3. Assume the preferred stock is noncumulative and Platinum declared the preferred dividend in 2014 and 2015. In 2016, the company declares cash dividends of $50,000. How much of the dividends go to preferred stockholders? How much of the dividends go to common stockholders?