This question will be sent to your instructor for grading. At December 31, 2020, the records of Hoffman Company reflected the following balances in the shareholders' equity accounts: Common shares par $13 per share: 41,000 shares outstanding Preferred shares: 8 percent, par $10 per share: 6150 shares outstanding Retained earnings $220,500 On January 1, 2021, the board of directors was considering the distribution of a $62,500 cash dividend. No dividends were paid during 2015 and 2016 Determine the total and per-share amounts that would be paid to the common shareholders and to the preferred shareholders under two independent assumptions 1-a. The preferred shares are non-cumulative 1-b. The preferred shares are cumulative. 2. Why were the dividends per common share less for the second assumption? 3. What factors would cause a more favourable dividend for the common shareholders