Norton's outstanding stock consists of (a) 59,000 shares of cumulative 9.00% preferred stock with a $10 par value and (b) 147,500 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.
2009 $42,000
2010 49,350
2011 78,100
2012 103,100