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$3$

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Mark $2\mathrm{.}00$ out of $4\mathrm{.}00$

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Analyzing Cash Dividends on Preferred and Common Stock

Potter Company has outstanding $14,000$ shares of $$50$ par value, $10\%$ preferred stock and $30,000$ shares of $$5$ par value common stock. During its first three years in business, it declared and paid no cash dividends in the first year, $$280,000$ in the second year, and $$70,000$ in the third year.

$($a$)$ If the preferred stock is cumulative, determine the total amount of cash dividends paid to each class of stock in each of the three years.

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