The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 45,000 shares outstanding Preferred stock, 9 percent, $9 par value, 8,000 shares outstanding Retained earnings, $220,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $84,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: The preferred stock is noncumulative. The preferred stock is cumulative.