The records of Hoffman Company reflected the following balances in the shareholders equity accounts at December 31, 2017:

Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions

The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2017: $830,000 Common shares, no par value, 41,500 shares outstanding Preferred shares, $2, no par value, 6,400 shares outstanding Retained earnings 152,000 239,000 On September 1, 2018, the board of directors was considering the distribution of a $65,505 cash dividend. No dividends were paid during 2013 and 2017. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred shares are non-cumulative. b. The preferred shares are cumulative. Required: 1. Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions. (Round "Per share" to 2 decimal places.) Preferred Common a. Noncumulative: Total Per share b. Cumulative: Total Per share