CP11-4 (Algo) Calculating Common and Preferred Cash Dividends (LO 11-2, LO 11-3, LO 11-4) Tower Corporation had the following stock outstanding and Retained Earnings at December 31, 2021: Common Stock (par $8; issued and outstanding, 23,000 shares) $ 184,000 Preferred Stock, 7 (par $10; issued and outstanding, 5,300 shares) 53,000 Retained Earnings 273,000 On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020, and none have been declared yet in 2021. Three independent cases are assumed: Case A: The preferred stock is noncumulative; the total amount of 2021 dividends would be $11.900. Case B: The preferred stock is cumulative; the total amount of 2021 dividends would be $11,130. Dividends were not in arrears prior to 2019. Case c: Same as case B, except the total dividends are $59,000. Required: 1-a. Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years (in arrears) and for the current year before common stockholders are paid. 1-b. Compute per case, the 2021 dividends per share, payable to each class of stockholders. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Compute the amount of 2021 dividends, in total that would be payable to each class of stockholders ir dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years (in arrears) and for the current year before common stockholders are paid. Case A Case B Case C Preferred Common Total