Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.] York's outstanding stock consists of 70,000 shares of noncumulative 8.5% preferred stock with a $5 par value and also 290,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends. $ 18,800 Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends 245,000 395,000 Exercise 11-10 Dividends on common and noncumulative preferred stock LO C2 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Answer is complete and correct. Par Value per Preferred Share 5.00 Dividend Rate Dividend per Preferred Share $ 0.425 Preferred Dividend Annual Preferred Dividend: 8.5% $ 29,750 Number of Preferred Shares 70,000 Dividends in Arrears at year- end $ 0 Total Cash Dividend Paid Paid to Preferred Paid to Common $ $ 0 0 Year 1 Year 2 Year 3 Year 4 Total: 18,800 27,700 245,000 395,000 686,500 18,800 27,700 29,750 29,750 106,000 215,250 365,250 $ 580,500 100 $ $ Use the data in Exercise 11-10 to determine the amount of dividends paid each year to each of the two classes of stock assuming that the preferred stock is cumulative. (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Dividend Rate Par Value per Preferred Share $ 5.00 Dividend per Preferred Share $ 0.425 Preferred Dividend Annual Preferred Dividend: 8.5% Number of Preferred Shares 70,000 Dividends in Arrears at year-end $ 29,750 Total Cash Dividend Paid Paid to Preferred Paid to Common $ $ Year 1 Year 2 18,800 27,700 Year 3 18,800 27,700 245,000 395,000 686,500 Year 4 Totals | $ $ 46,500 $