8. A corporation has the following classes of stock outstanding: (a) Preferred stock- $50 par value, 4\% cumulative, participating, 10,000 shares authorized, issued, and outstanding. (b) Common stock- $5 par value, 150,000 shares authorized, issued, and outstanding. (c) The corporation paid dividends in each of the 4 years as follows: Year1-$15,000Year215,000Year3-47,000Year4-65,000 8. \begin{tabular}{cccc} \hline Year & PreferredDividend & CommonDividend & TotalDividend \\ \hline 1 & $15,000 & -0 & $15,000 \\ \hline Preferred & $10 \end{tabular} (Arrears owed to preferred stockholders amount to $5,000.) 2 Preferred $15,000 0 (Arrears owed to preferred stockholders amount to $10,000.)