A Company has the following shares of stock outstanding:

Common stock, $1 par value 100,000 shares

10% Preferred stock, cumulative, $2 par value 200,000 shares

The company had been very profitable until 1992, when its business and profits decreased. In

2015, for the first time in its history, the company was unable to pay all of its required

dividends. The board of directors declared the following amounts of dividends during 2015,

2016, and 2017:

2015 $0

2016 75,000

2017 50,000

Determine the amount of dividends that the preferred and common shareholders will receive

each year (12 points).

Preferred Dividends Common Dividends

2015 ------------------------------- ------------------------------

2016 ---------------------------------- -----------------------------

2017 ------------------------------------- --------------------------------