The stockholders$$ equity section of Joshua Company shows the following onDecember $31,2023$:Preferred stock, $5\%,$ $$50$ par value, $5,000$ shares outstanding $$250,000$Common stock, $$5$ par value, $80,000$ shares outstanding $400,000$Paid$-$in capital in excess of par, common stock $200,000$Retained earnings $210,000$Total stockholders$$ equity $$1,060,000$Required:Assume that the corporation has determined to pay out $$90,000$ in dividends atDecember $31,2023.$ The last time that dividends were paid was on December $31,2021.$ Calculate the amount of dividends that would be paid to preferredshareholders and the amount that would be paid to common shareholders underthe following independent situations:a$.$ The preferred stock is noncumulative and nonparticipating.b$.$ The preferred stock is cumulative and nonparticipating.c$.$ The preferred stock is cumulative and fully participating.

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