Cash Dividends
At December 31, 2014, Black Company has the following:
Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Preferred Stock, $100 par, 8%, cumulative, 1,000 shares authorized, issued, and outstanding The company did not pay any dividend during 2013 or 2012.
Required
Compute the amount of dividend to be received by the common and preferred stockholders in 2014 if the company declared a dividend of (a) $16,000, (b) $24,000, and (c) $60,000.