Response to the following problem:
Michelangelo Inc., a software development firm, has Shares of ownership of a corporation stock outstanding as follows: 20,000 shares of cumulative 2%, A class of stock with preferential rights over common stock preferred stock of $30
The monetary amount printed on a stock certificate par, and 25,000 shares of $50 par common.
During its first four years of operations, the following amounts were distributed as dividends: first year, $4,600; second year, $6,400; third year, $43,000; fourth year, $73,250.