Problem:
Prairie Fire Snowmobile Corp. manufactures and sells snowmobiles in Wisconsin, Minnesota and the Dakotas. A publicly owned corporation, the company's outstanding stock consisted of 5,000 shares of 10%, $20 par cumulative Preferred Stock and 10,000 shares of Common Stock in the years 20X1 - 20X6. Prairie Fire has declared the following annual dividends over the six-year period: 20X1 none; 20X2 $ 10,000; 20X3 $ 15,000; 20X4 $ 12,000; 20X5 $ 75,000; and 20X6 $ 90,000.
Required:
Question: Calculate the total dividends and the per-share dividends for each class of stock for each of the six years. Include a column for dividends in arrears.
Note: Provide support for your rationale.