The records of Hoffman Company reflected the following balances in the shareholders equity accounts at December 31, 2017: Common shares, no par value, 43,000 shares outstanding $ 860,000 Preferred shares, $2, no par value, 6,600 shares outstanding 154,000 Retained earnings 243,000 On September 1, 2018, the board of directors was considering the distribution of a $66,090 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.)

The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2017: Common shares, no par value, 43,000 shares outstanding Preferred shares, $2, no par value, 6,600 shares outstanding Retained earnings $ 860.000 154,000 243,000 On September 1, 2018, the board of directors was considering the distribution of a $66,090 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 $ $ 13,200 2.00 $ $ 52,890 1.23 Per share b. Cumulative: Total Per share $ $ 66,000 10.00 $ $ 90 0.00