Sapphire declares cash dividends of $28,000 for 2018. How much of the dividends goes to preferred stockholders? How much goes to common stockholders? ( Sapphire's dividend would be divided between preferred and common stockholders in this manner: Total Dividend Dividend to preferred stockholders: Dividend in arrears Current year dividend Total dividend to preferred stockholders Dividend to common stockholders Data Table Preferred Stock-7%, $14 Par Value; 9,500 shares authorized, 8,000 shares issued and outstanding Common Stock-$0.25 Par Value; 2,350,000 shares authorized, 1,300,000 shares issued and outstanding Requirements 1. Sapphire declares cash dividends of $28,000 for 2018. How much of the dividends goes to preferred stockholders? How much goes to common stockholders? 2. Assume the preferred stock is cumulative and Sapphire passed the preferred dividend in 2016 and 2017. In 2018, the company declares cash dividends of $42,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders? 3. Assume the preferred stock is noncumulative and Sapphire passed the preferred dividend in 2016 and 2017. In 2018, the company declares cash dividends of $42,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?