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E11-8 Computing Dividends on Preferred Shares, and Analyzing Differences LO11-4 The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31 of the current year. On September 1 of the current year, the board of directors was considering the distribution of a $76,370 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations): a. The preferred shares are non-cumulative. b. The preferred shares are cumulative. Required: 1. Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions. (Round "Per share" to 2 decimal places.) 2. This part of the question is not part of your Connect assignment. 3. This part of the question is not part of your Connect assignment