Tom's outstanding stock consists of 58,000 shares of cumulative 5.00% preferred stock with a $10 par value and also 145,000 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.
2011.... $23,000
2012 ....$24,875
2013... $56,500
2014 ....$84,000
1) Determine the amount of dividends paid each year to each of the two classes of stockholders. Also compute the total dividends paid to each class for the four years combined.