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Lightfoot Inc., a software development firm, hasstockoutstanding as follows: 15,000 shares of cumulativepreferred4% stock, $20 par, and 19,000 shares of $100 par common. During its

Lightfoot Inc., a software development firm, hasstockoutstanding as follows: 15,000 shares of cumulativepreferred4% stock, $20 par, and 19,000 shares of $100 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $4,500; second year, $7,500; third year, $37,680; fourth year, $58,550.

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