6 nts eBook Print eferences Exercise 12-11 Allocating dividends between common and cumulative preferred shares LO5 The outstanding share capital of Sheng Inc. includes 40,000 shares of $9.60 cumulative preferred and 75,000 common shares, all issued during the first year of operations. During its first four years of operations, the corporation declared and paid the following amounts in dividends: Total Dividends Declared Year 2018 e 2019 410,000 2020 1,028,000 2021 410,000 Required: Determine the total dividends paid in each year to each class of shareholders. Also determine the total dividends paid to each class over the four years. Total Dividends 2021 2020 Total 2018 2019 Preferred Common Total $