York’s outstanding stock consists of 90,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 270,000 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. Year 1 total cash dividends$23,000 Year 2 total cash dividends 31,700 Year 3 total cash dividends 235,000 Year 4 total cash dividends 385,000 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.)

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Dividend to be on preference shares 33750 working 5 x ... View the full answer