Common stock (par $8; outstanding, 35,000 shares): $280,000 Preferred stock, 10% (par $15; outstanding, 8,000 shares): 120,000Retained earnings: 281,000The board of directors is considering the distribution of a cash dividend to the two groups of stockholders. No dividends were declared during the previous two years. Three independent cases are assumed:Case A: The preferred stock is noncumulative; the total amount of dividends is $31,000.Case B: The preferred stock is cumulative; the total amount of dividends is $35,000.Case C: Same as Case B, except the amount is $90,000.