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Dividends on Preferred and Common Stock
Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following annual dividends over a six-year period:
20Y1, $64,000;
20Y2, $128,000;
20Y3, $304,000;
20Y4, $368,000;
20Y5, $464,000; and
20Y6, $560,000.
During the entire period ended December 31 of each year, the outstanding stock of the company was composed of 40,000 shares of cumulative, preferred 4% stock, $100 par, and 100,000 shares of common stock, $10 par.
Required:
Problem 1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years
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