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Library, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December

Library, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2011, and December 31, 2012. The board of directors declared and paid a $4,000 dividend in 2011. In 2012, $15,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2012? Preferred Common $7,500 $7,500 $9,000 $6,000 $6,000 $9,000 $5,000 $10,000

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