State of Grace Publishing, Inc., has 6,000 shares of $120 par, 10% cumulative preferred stock outstanding and 10,000 shares of $1.50 par value common stock outstanding. The company began operations on January 1, 2010. The cash dividends declared and paid during each of the first three years of State of Grace’s operations are shown next. Calculate the amounts that went to the preferred shareholders and the common shareholders (SHs) eachyear.
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