1. The shareholders' equity of C Company includes the items shown below. The board of directors of C declared cash dividends of $4 million, $5 million, and $60 million in each of its first three years of operation: 2019, 2020, and 2021, respectively.

Common stock, $1 par, 50,000,000 shares outstanding

Preferred stock, 6%, $100 par, 1,000,000 shares outstanding

Required:

Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.