Question - Lakeside Manufacturing, Inc., reported the following at December 31, 2014 and December 31, 2015:
Lakeside Manufacturing has paid all preferred dividends through 2011
Stockholders' Equity Preferred stock, cumulative, $7.00 par, 5%, 45,000 shares issued $315,000
Common stock, $0.35 par, 9,230,000 shares issued
Requirement
Compute the total amounts of dividends to both preferred and common stockholders for 2014 and 2015 if total dividends are $100,000 in 2014 and $250,000 in 2015.
Begin with 2014. Compute the total amounts of dividends to both preferred and common stockholders for 2014 if total dividends are $100,000.