Year 1 total cash dividends Year 2 total cash dividends Year 3 total cash dividends Year 4 total cash dividends $16,500 26,000 275,000 425,000 Exercise 11-11 (Algo) Dividends on common and noncumulative preferred stock LO C2 York's outstanding stock consists of 80,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 140,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Note: Round your "Dividend per Preferred Share" answer to 3 decimal places. Answer is complete but not entirely correct. Par Value per Preferred Dividend Rate Dividend per Preferred Number of Share Share Preferred Shares Preferred Dividend Annual Preferred Dividend: 5.00 7.0% 0.350 ( 80,000 $28,000 ( Total Cash Dividend Dividends Paid to Preferred Paid to Common in Arrears Paid at year- end Year 1 $ 16,500 16,500 $ 11,500 Year 2 26,000 26,000 13,500 Year 3 275,000 41,500 233,500 Year 41 Total: 425,000 28,000 397,000 742,500 $ 112,000 $ 630,500