Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% preferred stock with a $10 par value and (b) 32,500 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.
a) 2009 $ 8,000
b) 2010 24,000
c) 2011 120,000
d) 2012 197,000