The following information came from the financial records of Maverick Corporation:

Maverick began operations on January 1, 2015. The company has paid the following amounts in cash dividends over the past seven years:

INSTRUCTIONS:
Prepare a sheet to contain the following schedule:

a. Complete this schedule for each year from 2015 through 2021, assuming that missed preferred stock dividends are not paid in future years.
b. Complete this schedule for each year from 2015 through 2021, assuming that missed preferred stock dividends are paid before common stock dividends in future years when dividends are declared.

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Preferred stock: 15,000 shares outstanding, 10 percent, $50 par value Common stock: 50,000 shares outstanding, $15 par value