Dividends on Preferred and Common Stock Black Bear Bike Corp. manufactures mountain bikes and distributes them through retail outlets in California, Oregon, and Washington. Black Bear Bike Corp. has declared the following annual dividends over a six-year period ended December 31 of each year: Year 1, $42,500; Year 2, $18,000; Year 3, $223,500; Year 4, $178,000; Year 5, $222,000; and Year 6, $222,000. During the entire period, the outstanding stock of the company was composed of 50,000 shares of cumulative preferred 2% stock, $80 par, and 100,000 shares of common stock, $4 par. Required: 1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, Year 1. Summarize the data in tabular form. If required, round your per share answers to two decimal places. If the amount is zero, please enter "0". Preferred Dividends Total Year Dividends Total Year 1 $42,500 Year 2 18,000 Year 3 223,500 Year 4 178,000 Year 5 222,000 Year 6 222,000 Common Dividends Per Share Total Per Share 2. Determine the average annual dividend per share for each class of stock for the six year period. Round your answers to two decimal places. Check My Work Previous