Fairmount Inc., a developer of radiology equipment, has stock outstanding as follows: 24,000 shares of cumulative preferred 2% stock, $130 par, and 80,000 shares of $5 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $41,760; second year, $58,080; third year, $128,960; fourth year, $178,400.