The records of Hines Industries reflected the following balances in the stockholders equity accounts at December 31, 2021:

Common stock, par $12 per share, 48,500 shares outstanding.

Preferred stock, 8 percent, par $16.50 per share, 7,610 shares outstanding.

Retained earnings, $237,000.

On January 1, 2022, the board of directors was considering the distribution of a $63,700 cash dividend. No dividends were paid during 2020 and 2021.

Required: Determine the total and per-share amounts that would be paid to the common stockholders and to the preferred stockholders under two independent assumptions:

a. The preferred stock is cumulative.

Why might the dividends per share of common stock be different for noncumulative preferred stock and cumulative preferred stock?