Cash Dividends
Kerry Company has 950 shares of $100 par value, 12% preferred stock and 8,500 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends were paid in 2013. Since 2013, Kerry has declared and paid dividends as follows:
| 2014 | $ 0 |
| 2015 | 11,900 |
| 2016 | 24,000 |
| 2017 | 28,500 |
Required:
1. Determine the amount of the dividends to be allocated to preferred and common stockholders for each year 2015 to 2017. If an amount is zero, enter “0”.
| Year | Preferred Dividends | Common Dividends |
| 2015 | $ | $ |
| 2016 | $ | $ |
| 2017 | $ | $ |
2. If the preferred stock had been noncumulative, how much would have been allocated to the preferred and common stockholders each year?
| Year | Preferred Dividends | Common Dividends |
| 2015 | $ | $ |
| 2016 | $ | $ |
| 2017 | $ | $ |
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