Ex8: A company was organized in January 2016 and has 15,000 shares of $12 par value, 20%, nonparticipating preferred stock outstanding and 50,000 shares of $7 par value common stock outstanding. It has declared and paid cash dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given. 2016 2017 2018 $20,000 $30,000 $60,000 Required: Complete the amount of total dividends allocated to each class of stock during 2016-2018. Cumulative: EC Non-Cumulative: Year Preferred Common 2016 2017 2018 MICS LEARNING CENTER Year Preferred Common 2016 2017 2018