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

Common shares, no par value, 41,500 shares outstanding $ 830,000 Preferred shares, $2, no par value, 6,400 shares outstanding 152,000 Retained earnings 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.)