The Stockholders' Equity category of Rausch Company's balance sheet as of December 31, 2012, appeared as follows:
Preferred stock, $100 par, 8%, 2,000 shares issued and outstanding...............$ 200,000
Common stock, $10 par, 40,000 shares issued and outstanding.......................400,000
Additional paid-in capital...................................................................500,000
Total contributed capital.................................................................$1,100,000
Retained earnings............................................................................900,000
Total stockholders' equity...............................................................$2,000,000
The notes to the financial statements indicate that dividends were not declared or paid for 2010 or 2011. Rausch wants to declare a dividend of $118,000 for 2012.
Required
Determine the total and the per-share amounts that should be declared to the preferred and common stockholders under the following assumptions:
1. The preferred stock is noncumulative, nonparticipating.
2. The preferred stock is cumulative, nonparticipating.