4. Dividend Allocation Durden Co. has $18 par value, 10% cumulative preferred stock. There are 10,000 shares issued and outstanding of the preferred stock. The

company also has 100,000 shares of $1 par value common stock. No dividends had been paid in the years 2003, 2004, 2005, and 2006. In 2007, the company paid

$45,000 in dividends. In 2008, the company paid $65,000 in dividends. Determine the allocation of dividends between preferred and common stockholders for the

years 2003 to 2008.

Year	Actual Preferred Dividends	Actual Common Dividends	Preferred Dividend Carryover
2003
2004
2005
2006
2007
2008
Totals