Requesting help with the following questions. Thank you.

1) An 8 percent preferred stock with a market price of $110 per share and a $100 par value pays a cash dividend of ________.

2) A firm has issued cumulative preferred stock with a $100 par value and a 12 percent annual dividend. For the past two years, the board of directors has decided not to pay a dividend. The preferred stockholders must be paid ________ prior to paying the common stockholders.