Question: JMC was organized in January 2011 and has 2,000 shares of $100 par value, 10%, nonparticipating preferred stock outstanding and 30,000 shares of $10 par

JMC was organized in January 2011 and has 2,000 shares of $100 par value, 10%, nonparticipating preferred stock outstanding and 30,000 shares of $10 par value common stock outstanding. It has declared and paid cash dividends each year as shown below.

Required:

Calculate the total dividends distributed to each class of stockholder under the assumptions given:

Assume

Preferred Stock

Cash Is Cumulative

Dividends

Declared & Preferred Common

Year Paid Dividend Dividend

2016 $13,000

2017 $31,000

2018 $86,000

2019 $17,000

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