Dividends on common and cumulative stock.
York's outstanding stock consists of (a) 80,000 shares of cumulative 7.5% preferred stock with a $5 par value and (b) 200,000 shares of common stock with a $1 par value. During the first four years of operation the corporation declared and paid the following total cash dividends;
2006.. . $20,000
2007.. . $28,000
2008.. . $200,000
2009.. . $350,000
Determine the amount of dividends paid each year to each of the two classes of stockholders. Also determine the total dividends paid to each class for the four years combined.