Zale Corporation has outstanding 110,000 shares of 12 percent, $80 par-value cumulative preferred stock and 500,000 shares of no-par-value common stock.
1. During 2016, the corporation paid dividends of $792,000. What amount will be paid on each share of preferred stock? What amount will be paid on each share of common stock?
2. During 2017, the corporation distributed dividends of $1,720,000. What amount will be paid on each share of preferred stock? What amount will be paid on each share of common stock?