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The company has 20,000 shares of 6%, $45 par preferred stock outstanding. In addition, the company has 100,000 shares of common stock outstanding. The company

The company has 20,000 shares of 6%, $45 par preferred stock outstanding. In addition, the company has 100,000 shares of common stock outstanding. The company started business on January 1 of Year 1. Total cash dividends paid during Year 1 and Year 2 were $45,000 and $100,000, respectively. Compute the total dividends paid to common shareholders in both years assuming that the preferred stock is cumulative. Year 1 = $6,000; Year 2 = $54,000 Year 1 = $45,000; Year 2 = $63,000 Year 1 = $0; Year 2 = $37,000 Year 1 = $0; Year 2 = $25,000 Year 1 = $0; Year 2 = $46,000

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