John Dear Co. is a heavy equipment and lawn care products manufacturer located in Illinois. John Dear is publicly owned, and has declared the following dividends over a six year period:
20X1, $ 760,000; 20X2, $ 1,250,000; 20X3, $ 0; 20X4, $ 3,020,000; 20X5, $ 120,000; and 20X6, $ 1,000,000. During the entire period, the outstanding stock of the company was composed of 600,000 shares of cumulative, nonparticipating 2%, $20 Par Preferred stock and 2,000,000 shares of common stock, $ 5 par.
Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on Jan. 1, 20X1.