The Gulf Corporation has 40,000 shares of common stock and 5,000 of preferred stock. The par value of the common stock was $10 and the par value of the preferred stock was $20. The company declared the following dividends in the following years: 2007 $5000 2008 $8,000 2009 $25,000 Instruction: a) Calculate the dividends to each class of stock assuming the preferred stock is 8% of the par value and it is cumulative