Solar Storm Inc. began operations on June 30, 2011, and issued 60,000 shares of $1 par common

Question:

Solar Storm Inc. began operations on June 30, 2011, and issued 60,000 shares of $1 par on that date. On December 31, 2011, Solar Storm declared and paid $24,200 in dividends. After a vote of the board of directors, Solar Storm issued 25,000 shares of 7% cumulative, $10 par, preferred stock on January 1, 2013. On December 31, 2013, Solar Storm declared and paid $16,500 in dividends, and on December 31, 2014, Solar Storm declared and paid $41,300 in dividends. Determine the amount of dividends to be distributed to each class of stock for each of Solar Storm's payments.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...