Problem 10-87A (Algorithmic) Preferred Dividends Prestige Investments had the following preferred stock outstanding at the end of a recent years $25 par, 10% 6,000 shares $46 par, 8%, cumulative 11,000 shares $50 par, 12%, cumulative, convertible 2,000 shares $80 par, 11%, nonparticipating 15,000 shares Required: 1. Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues Issue 1 ($25 par, 100%) of preferred stock