Problem - York's outstanding stock consists of 43,000 shares of cumulative 6.50% preferred stock with a $10 par value and also 107,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends.
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2015
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$22,000
|
|
2016
|
21,575
|
|
2017
|
70,450
|
|
2018
|
112,950
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Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined.