Question - Compute dividends on preferred and common stock) Majestic Manufacturing, Inc., reported the following:
Preferred stock, cumulative, $2.00 par, 8%, 70,000 shares issued $140,000
Common stock, $.15 par, 9,070,000 shares issued 1,360,500
Majestic Manufacturing has paid all preferred dividends through 2009.
Compute the total amounts of dividends to both preferred and common for 2012 and 2013 if total dividends are $120,000 in 2012 and $144,000 in 2013.