The records of Hoffman Company reflected the following balances in the stockholders' equity accounts at December $31,2021$:

Common stock, par $$12$ per share, $40,000$ shares outstanding. Preferred stock, $8$ percent, par $$10$ per share, $6,000$ shares outstanding. Retained earnings, $$220,000.$

On January $1,2022,$ the board of directors was considering the distribution of a $$62,000$ 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 noncumulative.

b$.$ The preferred stock is cumulative.

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

Complete this question by entering your answers in the tabs below.

Req $1A$

Req $2$

Determine the total and per$-$share amounts that would be paid to the common stockholders and assuming the preferred stock is noncumulative. $($Round "Per Share" to $2$ decimal places.$)$

$\backslash$table$[[,$Total,Per Share$],[$Paid to the Preferred Stockholders,,$],[$Paid to the Common Stockholders,,$]]$