Company name: Quartz Inc. You are the accountant for Quartz Inc. and need to determine how the cash dividends declared by Quartz's board of directors should be allocated between the corporation's common and preferred stockholders. $4$ Data Quartz Inc. is authorized to issue $100,000$ shares of $$2\mathrm{.}00$ par value common stock and $350,000$ shares of $$8\mathrm{.}00$ par value, $3.\%,$ preferred stock. It currently has $82,000$ shares of common stock and $124,000$ shares of preferred stock issued and outstanding. Currently, no dividends are in arrears." $6$ The declared dividend amount for each year is included in the work area templates. $19$ Required: Start by calculating the preferred stock annual dividend, then use the templates provided below to allocate $20$ cash dividends declared, to preferred and common stockholders. $26$ Calculate the preferred stock annual dividend $27$ Assume preferred stock is NON$-$cumulative $28293031323334$ Year $24$ Dividend Declared $15,00030,00045,00050,000$ Preferred stock dividend amount$*$ Arrearages Dividends to Preferred Stockholders Dividends to Common Stockholders $*$This is the amount that preferred stockholders are entitled to for the year $--$ they may or may not get it$,35$ depending on how much cash dividend the Board of Directors declares. $36$ Assume preferred stock is CUMULATIVE $37383940414243$ Year $2$ Dividend Declared $15,00030,00045,00050,000$ Preferred stock dividend amount$*$ Arrearages Dividends to Preferred Stockholders Dividends to Common Stockholders