York's outstanding stock consists of 75,000 shares of noncumulative 6.0% preferred stock with a $5 par value and also 240,000shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the followingtotal cash dividends:Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your"Dividend per Preferred Share" answer to 3 decimal places.)Par Value perPreferredDividend perPreferredNumber ofPreferredSharesPreferredDividendDividend RateShareShareAnnual Preferred Dividend:Dividends inArrears atPaid toPaid toPreferredTotal CashDividend PaidCommonyear-endYear 12412 100Year 220.500220,000Year 3370.000622.600Year 424Total: Required informationUse the following information for the Exercises below. (Algo)(The following information applies to the questions displayed below)Year 1 total cash dividendsYear 2 total cash dividendsYear 3 total cash dividendsS 12,10020,500220,000Year 4 total cash dividends370, 000

The question is based on the concept of Financial Accounting. When the dividend is declared and paid…

York's outstanding stock consists of 75,000 shares of noncumulative 6.0% preferred stock with a $5 par value and also 240,000 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. (Round your "Dividend per Preferred Share" answer to 3 decimal places.) Par Value per Preferred Dividend per Preferred Number of Preferred Dividend Rate Preferred Dividend Share Share Shares Annual Preferred Dividend: Dividends in Total Cash Paid to Preferred Paid to Common Arrears at Dividend Paid year-end Year 1 24 12 100 Year 2 20,500 Year 3 220,000 370 c00