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The company has had 1000 shares of 7%, $100 par value preferred stock and 40000 shares of $5 stated-value common stock outstanding for the last three years. During that period, dividends paid totaled $6000.00, $28000.00, and $30000.00 for each year, respectively.
What is the amount of dividends the company must pay to preferred stockholders and common stockholders in each of the three years with the following four assumptions:
1) Preferred stock is nonparticipating and noncumulative.
2) Preferred stock is nonparticipating and cumulative.
3) Preferred stock is fully participating and cumulative.
4) Preferred stock participates up to a maximum of 9% of its par value and is cumulative.