Cash Dividends At December 31, 2010, Black Company has the following:

Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Preferred Stock, $100 par, 8%, cumulative, 1,000 shares authorized, issued, and outstanding The company did not pay any dividend during 2009 or 2008.

Required Compute the amount of dividend to be received by the common and preferred stockholders in 2010 if the company declared a dividend of

(a) $16,000,

(b) $24,000, and

(c) $60,000.

AppendixLO1