Dividend Calculations Snowy Peaks Corporation was organized in January 2006 and issued shares of preferred and common stock as shown. As of December 31, 2009, there have been no changes in outstanding stock.

Required:
For each of the following independent situations, compute the amount of dividends that would be paid for each class of stock in 2008 and 2009. Assume that total dividends of $8,000 and $92,000 are paid in 2008 and 2009, respectively.
1. Preferred stock is noncumulative.
2. Preferred stock is cumulative, and no dividends are in arrears in 2008.
3. Preferred stock is cumulative, and no dividends have been paid during 2006 and 2007.

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Preferred stock (10%, $15 par, 10,000 shares issued and outstanding) Common stock ($20 par, 15,000 shares issued and outstanding) $150,000 300,000