Challenge Problem Alexa Inc. has the following capital structure. Required Common stock, $10 par, 6,000 shares issued and outstanding...... $60,000 6% Preferred stock, $100 par, 200 shares issued and outstanding... 20,000 Alexa declared a cash dividend distribution of $20,000. Calculate the allocation of dividends between preferred and common shareholders under the following separate scenarios. a. Preferred stock is cumulative and nonparticipating. Dividends are in arrears for the preceding year. b. Preferred stock is noncumulative and fully participating. c. Preferred stock is cumulative and fully participating. Dividends for the preferred stock are in arrears for the preceding two years.