Preferred Dividends Steel Corporation had the following preferred stock outstanding at the end of a recent year: $20 par, 9% 30,000 shares $25 par, 10%, cumulative 15,000 shares $100 par, 6%, cumulative, convertible 20,000 shares $100 par, 8%, nonparticipating 8,000 shares Required: Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues. Issue 1 ($20 par, 9%) of preferred stock $ 54000 Issue 2 ($25 par, 10%, cumulative) of preferred stock 37500 Issue 3 ($100 par, 6%, cumulative, convertible) of preferred stock 120000 Issue 4 ($100 par, 8%, nonparticipating) of preferred stock 64000 Total annual dividend $ 27550 Calculate what the amount of dividends in arrears would be if the dividends were omitted for 1 year. $ __________