The Stockholders' Equity category of Greenbaum Company's balance sheet as of December 31, 2012, appeared as follows:
Preferred stock, $100 par, 8%, 1,000 shares issued and outstanding...........$ 100,000
Common stock, $10 par, 20,000 shares issued and outstanding..................200,000
Additional paid-in capital...............................................................250,000
Total contributed capital..............................................................$ 550,000
Retained earnings........................................................................450,000
Total stockholders' equity..........................................................$1,000,000
The notes to the financial statements indicate that dividends were not declared or paid for 2010 or 2011. Greenbaum wants to declare a dividend of $59,000 for 2012.
Required
Determine the total and the per-share amounts that should be declared to the preferred and common stockholders under the following assumptions:
1. The preferred stock is noncumulative, nonparticipating.
2. The preferred stock is cumulative, nonparticipating.