Question: I need help solving the following problem. I would like to see the steps done. At December 31, 2007 and 2008, Sloan Corp. had outstanding

I need help solving the following problem. I would like to see the steps done.

At December 31, 2007 and 2008, Sloan Corp. had outstanding 2,000 shares of $100 par value 8% cumulative preferred stock and 10,000 shares of $10 par value common stock. At December 31, 2007, dividends in arrears on the preferred stock were $8,000. Cash dividends declared in 2008 totaled $30,000. What amounts were payable on each class of stock in 2008?

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