On January 1, 2004, a corporation issued 25,000 shares of 10%, $50 par, cumulative preferred stock and 50,000 shares of $30 par common stock. Cash dividends declared by the board were as follows. Determine the amount of total dividends and dividends per share for preferred stockholders and common stockholders.
a) 2004 none
b) 2005 $100,000
c) 2006 $275,000
d) 2007 $305,000
e) 2008 $355,000