eBook Preferred Dividends Magic Conglomerates had the following preferred stock outstanding at the end of a recent year: $25 par, 10%. 6,000 shares $37 par, 8%, cumulative 11,000 shares $50 par, 12%, cumulative, convertible 2,000 shares 15,000 shares. $80 par, 11%, nonparticipating Required: 1. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues. Issue 1 ($25 par, 10%) of preferred stock Issue 2 ($37 par, 8%, cumulative) of preferred stock Issue 3 ($50 par, 12%, cumulative, convertible) of preferred stock Issue 4 ($80 par, 11%, nonparticipating) of preferred stock Total annual dividend 2. Calculate what the amount of dividends in arrears would be if the dividends were omitted for 1 year.