MartinezCorporation issued150,000, $5.00cumulative preferred shares to fund its first investment in wind generators. In its first year of operations, it paid $381,000of dividends to its preferred shareholders. In its second year, the company paid dividends of $1,119,000to its preferred shareholders.

What is the total annual preferred dividend supposed to be for the preferred shareholders?

calculate any dividends in arrears in years 1 and 2

If the preferred shares were noncumulative rather than cumulative, how much dividend would the company likely have paid its preferred shareholders in year 2