The records of Hoffman Company reflected the following balances in the shareholders’ equity accounts at December 31, 2017:Common shares, no par value, 40,000 shares outstanding $800,000Preferred shares, $2, no par value, 6,000 shares outstanding 150,000Retained earnings 235,000In 2018, the board of directors was considering the distribution of a $62,000 cash dividend. No dividends were paid during 2013 and 2017. I need to determine dividend amounts under two independent assumptions,The preferred shares are non-cumulative.The preferred shares are cumulative.How to calculate the dividends?.