Precious Metal Trust has the following classes of stock:

Preferred Stock—5%, $15 Par Value; 7,000 shares authorized, 5,500 shares issued and outstanding

Common Stock—$ 0.30 Par Value; 2,000,000 shares authorized, 1,200,000 shares issued and outstanding

Requirements

1. Precious Metal declares cash dividends of $ 25,000 for 2014. How much of the dividends goes to preferred stockholders? How much goes to common ­stockholders?

2. Assume the preferred stock is cumulative and Precious Metal passed the preferred dividend in 2012 and 2013. In 2014, the company declares cash dividends of $ 35,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?

3. Assume the preferred stock is noncumulative and Precious Metal passed the preferred dividend in 2012 and 2013. In 2014, the company declares cash dividends of $ 35,000. How much of the dividend goes to preferred stockholders? How much goes to common stockholders?