Exercise 8-11 (Algo) Preferred stock-calculate dividend amounts LO 2 Calculate the annual cash dividends required to be paid for each of the following preferred stock issues: Required: a. $3.10 cumulative preferred, no par value; 280,000 shares authorized, 115,000 shares issued. (The treasury stock caption of the stockholders' equity section of the balance sheet indicates that 40,673 shares of this preferred stock issue are owned by the company.) (Round your answer to 2 decimal places.) b. 7%, $50 par value preferred, 204,000 shares authorized, 168,000 shares issued, and 73,173 shares outstanding. (Round your answer to 2 decimal places.) c. 11.8% cumulative preferred, $120 stated value, $128 liquidating value; 57,000 shares authorized, 47,000 shares issued, 26,000 shares outstanding. Annual dividends Annual dividends b. C. Annual dividends