Percy Corporations outstanding stock consists of 70,000 shares of cumulative 5% preferred stock with a $10 par value and 30,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Compute the dividends paid to preferred shareholders in 2016.

Percy Corporation's outstanding stock consists of 70,000 shares of cumulative 5% preferred stock with a $10 par value and 30,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Compute the dividends paid to preferred shareholders in 2016. Year Dividend Declared 2015 $10,000 2016 $66,000 2017 $32,000 Multiple Choice $60,000 $35,000 $7,000 $15,000 $66,000