Question - Norton's outstanding stock consists of (a) 58,000 shares of cumulative 8.00% preferred stock with a $10 par value and (b) 145,000 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.
|
2009
|
$37,000
|
|
2010
|
39,650
|
|
2011
|
91,400
|
|
2012
|
136,400
|
Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative.