Question - York's outstanding stock consists of 12,000 shares of noncumulative 8.60% preferred stock with a $10 par value and also 30,000 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:
2013 $ 8,000
2014 8,320
2015 80,000
2016 193,000
Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined.