Use the data in Exercise 13-8 to determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined.
In Exercise 13-8,
York's outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 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:
2015 total cash dividends . . . . . . . . . . . . . . $ 20,000
2016 total cash dividends . . . . . . . . . . . . . . 28,000
2017 total cash dividends . . . . . . . . . . . . . . 200,000
2018 total cash dividends . . . . . . . . . . . . . . 350,000