Horizon Communications has the following shareholders’ equity:

Share Capital:

Preferred Shares, 8%, unlimited number of shares authorized,

20,000 shares issued and outstanding ......... $ 200,000

Common Shares, 500,000 shares authorized,

300,000 shares issued and outstanding ........ 750,000

Total Share Capital............... $ 950,000

Retained Earnings............... 150,000

Total Shareholders’ Equity...........$1,100,000

Requirement

Assume the preferred shares are cumulative. Compute the amount of dividends to preferred and common shareholders for 2014 and 2015 if total dividends are $15,000 in 2014 and $50,000 in 2015.