Calculating Cumulative Preferred Dividends Why: The cumulative feature of preferred stock requires corporations to pay all current and unpaid prior-period dividends to preferred stockholders before paying any dividends to common stockholders. Information: Jefferson Manufacturing has a single class of common stock and a single class of cumula- tive preferred stock. The cumulative preferred stock requires the corporation to pay an an- nual dividend of S6.500 to preferred stockholders. On January 1, 2013, Jefferson's preferred dividends were 1 year in arrears, which means that Jefferson declared neither pre- ferred nor common dividends in 2012. From 2013 to 2015, Jefferson's board of directors determined they would be able to pay S9,000, $12,000, and S15,000, respectively. Required: Show how these anticipated payments will be split between preferred and common stockholders