Waddell Sc Reed, Inc., has the following stockholders' equity:

First, determine whether preferred stock is cumulative or noncumulative. Then compute the amount of dividends to preferred and to common for 2007 and 2008 if total dividends are \(\$ 10,000\) in 2007 and \(\$ 50,000\) in 2008.

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Paid-in capital: Preferred stock, 8%, $10 par, 100,000 shares authorized, 20,000 shares issued............ Common stock, $0.50 par, 500,000 shares authorized, 300,000 shares issued........ Paid-in capital in excess of par-common. Total paid-in capital... Retained earnings............ Total stockholders' equity $ 200,000 150,000 600,000 950,000 150,000 $1,100,000