The records of

Scorpio.com reflected the following balances in the stockholders' equity accounts at December $31,2021$ :

Common stock, par $$12$ per share, $45,500$ shares outstanding.

Preferred stock, $8$ percent, par $$10\mathrm{.}50$ per share, $7,010$ shares outstanding.

Retained earnings, $$231,000.$

On January $1,2022,$ the board of directors was considering the distribution of a $$63,100$ 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?

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