The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2017: $960,000 Common shares, no par value, 48,000 shares outstanding Preferred shares, $2, no par value, 7,600 shares outstanding Retained earnings 159,000 253,000 On September 1, 2018, the board of directors was considering the distribution of a $73,280 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 $ $ 58,080 15,200 2.00 Per share $ $ 1.21 b. Cumulative: Total $ 45,600 $ 27,680.00 Per share