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: Year 1, $80,000; Year 2, $90,000; Year 3, $150,000; Year 4, $150,000; Year 5, $160,000; and Year 6, $180,000. During the entire period ended December 31 of each year, the outstanding stock of the company was composed of 250,000 shares of cumulative preferred 2% stock, $20 par, and 500,000 shares of common stock, $15 par.
Required:
Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears at the beginning of Year 1. Summarize the data in tabular form. If required, round your answers to two decimal places. If the amount is zero, please enter "0".
Preferred Dividends Common Dividends
Year Total Dividends Total Per Share Total Per Share
Year 1 $ 80,000 $ $ $ $
Year 2 90,000
Year 3 150,000
Year 4 150,000
Year 5 160,000
Year 6 180,000
$ $

Year                 Preferred div.         Common div.          Total    

1                          $80,000                      $0                  $80,000

2                         $90,000                      $0                  $90,000

3                         $130,000              $20,000             $150,000

4                         $100,000              $50,000             $150,000

5                         $100,000              $60,000             $160,000

6                         $100,000              $80,000             $180,000

Explanation:

dividends declared:

Year 1, $80,000

Year 2, $90,000

Year 3, $150,000

Year 4, $150,000

Year 5, $160,000

Year 6, $180,000

preferred stock 250,000 cumulative 2%, $20 par = $100,000 in preferred dividends per year (since the stocks are cumulative, if the dividends are not paid in one year, they accumulative until next year).

common stock 500,000, $15 par

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