Balance sheet and income statement data indicate the following: $1,200,000 200,000 Bonds payable, 6% (due in 15 years) Preferred 8% stock, $100 par (no change during the year) Common stock, $50 par (no change during the year) Income before income tax for year Income tax for year Common dividends paid Preferred dividends paid 1,000,000 320,000 80,000 60,000 16,000