Dirkson Corporation has 20,500 shares outstanding of $12 par value, 7% preferred stock, and 41,000 shares outstanding of $12 par-value common stock. In its first 5 years of operation, the company paid the following dividends: 2011, $0; 2012, $17,220; 2013, $51,660; 2014, $0; 2015, $88,980. Calculate the dividends paid to preferred and common stockholders under the following three independent situations:
a. Preferred stock is noncumulative and nonparticipating.
b. Preferred stock is cumulative and nonparticipating.
c. Preferred stock is cumulative and fully participating.