McEnroe Incorporated has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock. The preferred stock has a 7% cumulative dividend preference. The company declares total dividends amounting to $50,000, $250,000, and $600,000 during 2020, 2021, and 2022, respectively.

Required:

a. Compute the amount of dividends to be distributed to preferred and common shareholders during 2020.

b. Compute the amount of dividends to be distributed to preferred and common shareholders during 2021.

c. Compute the amount of dividends to be distributed to preferred and common shareholders during 2022.