The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31 of the current year: Common shares, no par value, 45,000 shares outstanding Preferred shares, $2, no par value, 7,000 shares outstanding Retained earnings $ 900,000 156,000 247,000 On September 1 of the current year, the board of directors was considering the distribution of a $71,150 cash dividend. No dividends were paid during the previous two years. 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 Per share b. Cumulative: Total Per share