Macy Company Has 10,000 Shares of 2% Cumulative Preferred Stock

Essay

Macy Company has 10,000 shares of 2% cumulative preferred stock of $50 par and 25,000 shares of $75 par common stock. The following amounts were distributed as dividends:
​ $$\begin{array} { | l | r | } \hline \text { Year 1: } & \$ 30,000 \\\hline \text { Year 2: } & 6,000 \\\hline \text { Year 3: } & 80,000 \\\hline\end{array}$$ ​
Determine the dividends per share for preferred and common stock for each year.