Yorks outstanding stock consists of 90,000 shares of noncumulative 7.5% preferred stock with a $5...
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Accounting
Yorks outstanding stock consists of 90,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 270,000 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
$
23,000
2016 total cash dividends
31,700
2017 total cash dividends
235,000
2018 total cash dividends
385,000
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. (Round your "Dividend per Preferred Share" answers to 3 decimal places.)
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