Problem 10-87A (Algorithmic) Preferred Dividends Magic Conglomerates had the following preferred stock outstanding at the end of a recent year: $25 par, 10% 6,000 shares 11,000 shares 2,000 shares $41 par, 8%, cumulative $50 par, 12%, cumulative, convertible $80 par 11%, nonparticipating Required: 15,000 shares 1. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues Issue 1 (525 par, 10%) of preferred stock Issue 2 (541 par, 8%, cumulative) of preferred stock Issue 3 ($50 par, 12%, cumulative, convertible) of preferred stock Issue 4 (580 par, 11%, nonparticipating) of preferred stock Total annual dividend 2. Calculate what the amount of dividends in arrears would be if the dividends were omitted for 1 year