a. Dividend Preferences Sharapova Corporation has the following stock outstanding: Preferred Stock, 5% cumulative, $45 par, 10,000 shares authorized, 6,000 shares issued and outstanding Common Stock, $5 par, 100,000 shares authorized, 75,000 shares issued and outstanding All preferred dividends were paid through 2015. Sharapova paid dividends as follows: 2016 $10,000 2017 $ 0 2018 $25,000 2019 $20,000 Required: Determine the dividends to be paid to preferred and common shareholders. Year Preferred Common Total 2016 $10,000 2017 $ 0 2018 $25,000 2019 $20,000 Supporting calculations