The equity section of Jeans Incorporated is as follows:

Required
Calculate the amount of dividends allocated to common and preferred stockholders under the following situations:
(a) $18,000 of total dividends and no preferred dividends in arrears
(b) $24,000 of total dividends and two years of preferred dividends in arrears. How much did each common stockholder receive per share under each scenario?

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Preferred stock, 5% cumulative, 6,000 shares issued and outstanding Common stock, $1 par value, 36,000 shares issued Retained earnings Treasury stock, 6,000 shares, at cost $120,000 180,000 250,000 (30,000) $520,000 Total stockholders' equity