XYZ Limited, since it was organized in January 2014, has had outstanding 1,500, ten-dollar, nonparticipating, preferred shares, and 15,000 common shares. The corporation declared and paid dividends each year as shown below. Calculate the total dividends distributed to each class of shares under each of the assumptions given.

Assumed preferred shares are Assumed preferred shares are

Noncumulative Cumulative

Year Dividends declared Preferred Common Preferred Common

and paid dividend dividend dividend dividend

2014 $10,000

2015 $36,000

2016 $60,000