5. Chapter 13: Apple Inc. was incorporated in January 2016 and has 30,000 shares of $10 par value, 15%, preferred stock outstanding; and 150,000 shares of $5 par value common stock outstanding. Apple has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. (10 mins) Assuming Preferred Stock Is Assuming Preferred Stock Is Cumulative Non-cumulative Cash Dividends Preferred Common Preferred Common Year Declared Dividend Dividend Dividend Dividend and Paid 2016 $25,000 $25000 $25,000 2017 $20,000 $20,000 $20,000 2018 $50,000 $50,000 $45,000 $5000 2019 $100,000 $85,000 $150,000 $45,000 $55000