PREFERRED DIVIDENDS Steel Corporation had the following preferred stock outstanding at the end of a recent year:

$20 par, 12 percent 10,000 shares

$40 par, 6 percent, cumulative 13,000 shares

$50 par, 10 percent, cumulative, convertible 12,000 shares

$100 par, 11 percent, nonparticipating 5,000 shares Required:

. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues.

. Calculate what the amount of dividends in arrears would be if the dividends were omitted for one year.