Question: York's outstanding stock consists of (a) 38,000 shares of noncumulative 8.5% preferred stock with a $5 par value and (b) 95,000 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.

2010 $ 12,920

2011 12,025

2012 43,650

2013 71,150

Requirement 1: Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative