CASH DIVIDENDS for Preferred and common stockholders On January 1, Garden State issued 10,000 shares of $10 par preferred stock for $19 per share. The stock pays a cumulative annual dividend of 6% of par value. Complete the following table to determine how dividends would be allocated between preferred and common stockholders: Year Total Dividend To Preferred Stockholders To Common Stockholders Current $10,000 Year 2 $5,000 Year 3 $15,000 Year 4 None Year 5 $16,000