Question

York’s outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a \$ 5 par value and also 200,000 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:
2013 . . . . . . . . . . . . . . . . . . . . . . . . . \$ 20,000
2014 . . . . . . . . . . . . . . . . . . . . . . . . . 28,000
2015 . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
2016 . . . . . . . . . . . . . . . . . . . . . . . . . 350,000
Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined.

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