Great Lakes Manufacturing Inc. reported the following:
Shareholders' Equity
Preferred shares, cumulative, $0.10, 80,000 shares issued ..................... $ 80,000
Common shares, 8,130,000 shares issued................................................. 813,000
Great Lakes Manufacturing has paid all preferred dividends through 2010.
Requirement
Compute the total amounts of dividends to both preferred and common shareholders for 2013 and 2014 if total dividends are $50,000 in 2013 and $100,000 in 2014.