3 (Adapted from Ex 13-8) Norton's outstanding shares consists of (a) 13,000 shares of noncumulative 8% preference shares with an issue price of $10 and (b) 32,500 ordinary shares with an issue price of $1. During its first four years of operation, the company declared and paid the following total cash dividends. Year 1 Year 2 Year 3 Year 4 $8,000 $24,000 $120,000 $197,000