Bush Corporations outstanding stock included (1) 1,000 shares of $ 100 par, 9% preferred stock , and (2) 4,000 shares of $50 par value common stock. During 2014, the first year of operations, the directors declared cash dividends of $ 5,000. In year 2015, they declared cash dividends of $ 42,000.

Required:

Allocate dividends considering preferred stock to be noncumulative and cumulative.