The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $12 par value, 50,000 shares outstanding Preferred stock, 10 percent, $10 par value, 5,000 shares outstanding Retained earnings, $216,000 On September 1 of the current year, the board of directors was considering the distribution of an $85,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. > Answer is complete but not entirely correct. Preferred stock Common stock Noncumulative: Total $ 5,000 $ 80,000 Per share $ 1.00 $ 1.60 Cumulative: Total $ 15,000 $ 15,000 Per share $ 3.00 $ 3.00 X