Only need Req 1A

E11-10 (Algo) Computing Dividends on Preferred Stock and Analyzing Differences [LO 11-3, LO 11-4] The records of Keating Corporation reflected the following balances in the stockholders' equity accounts at December 31,2021 : Common stock, par $12 per share, 45,000 shares outstanding. Preferred stock, 8 percent, par $20.00 per share, 6,910 shares outstanding. Retained earnings, $230,000. On January 1, 2022, the board of directors was considering the distribution of a $63,000 cash dividend. No dividends were paid during 2020 and 2021 . Required: 1. Determine the total and per-share amounts that would bly paid to the common stockholders and to the preferred stockholders under two independent assumptions: a. The preferred stock is noncumulative, b. The preferred stock is cumulative. 2. Why might the dividends per shore of common stock be different for noncumulative preferred stock and cumulative preferred stock? (x) Answer is complete but not entirely correct. Complete this question by entering your answers in thehabs below. Determine the total and per-share amounts that would be paid to the common stockholders and to the preferred stockholders assuming the preferred stock is noncumulative. (Round "Per Share" to 2 decimal places and rest to the nearest dollar amount.)