07 Jan 1. What is the difference between cumulative prefe
1. What is the difference between cumulative preferred stock and noncumulative preferred stock?2. What is no-par stock? How is it recorded in the accounting records?3. Assume that Best Co. has issued and outstanding 1,000 shares of $100 par value, 10 percent, cumulative preferred stock. What is the dividend per share? If the preferred dividend is two years in arrears, what total amount of dividends must be paid before the common shareholders can receive any dividends?