The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2011: Common shares, par $13 per share, 34,000 shares outstanding. Preferred shares, 10 percent par $10 per share, 5,700 shares outstanding. Retained earnings, $234,000. On January 1,2012, the board of directors was considering the distribution of a $68,000 cash dividend. No dividends were paid during 2010 and 2011. Required: Determine the total and per share amounts that would be paid to the common shareholders and to the preferred shareholders under two independent assumptions: 1-a. The preferred shares are noncumulative. (Round your answers to 2 decimal places. Omit the ''$'' sign in your response.) 1-b.The preferred shares are cumulative. (Round your answers to 2 decimal places. Omit the ''$'' sign in your response.) 2. Why were the dividends per common share less for the second assumption? 3. What factors would cause a more favourable dividend for the common shareholders? (You may select more than one answer. Click the box with a check mark for the correct answer and click to empty the box for the wrong answer.) Dividends would be more favorable for the common shareholders if