Problem
The shareholders' equity section of Crystal Company's balance sheet includes the items shown below.
Preferred stock, 6%, $100 par, 1,000,000 shares outstanding
Common stock, $1 par, 50,000,000 shares outstanding
The board of directors of Crystal declared cash dividends of $3 million, $6 million, and $50 million in each of its first 3 years of operation: 2013, 2014, 2015, respectively.
Required: Prepare a schedule showing the distribution of dividends by amount and per share of preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.