York’s outstanding stock consists of 65,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 110,000 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 $ 11,500
2016 total cash dividends 20,700
2017 total cash dividends 260,000
2018 total cash dividends 410,000

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. (Round your "Dividend per Preferred Share" answers to 3 decimal places.)

Year       Total Dividend      Preference Dividend     Ordinary Dividend

2015           11,500                          11,500                               0

2016           20,700                         20,700                              0

2017          260,000                       22,750                          237,250

2018          410,000                      22,750                           387,250

Total          702,200                      77,700                           624,500

Explanation:

The Preferred Stockholders receive their dividends first before the Common Stockholders.

Dividends Calculation for Preferred Stockholders is :

Dividends = 65,000 shares ×  $5 ×  7.0%

                  = $22,750

Common Stockholders receive their dividends on the amount remaining after distributions to Preferred Stockholders

Year       Total Dividend      Preference Dividend     Ordinary Dividend

2015           11,500                          11,500                               0

2016           20,700                         20,700                              0

2017          260,000                       22,750                          237,250

2018          410,000                      22,750                           387,250

Total          702,200                      77,700                           624,500

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