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Green Planet Corporation has 5,000 shares of noncumulative 10% preferred stock with a $2 par...

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Accounting

Green Planet Corporation has 5,000 shares of noncumulative 10% preferred stock with a $2 par value and 16,700 shares of common stock with a $0.01 par value. During its first two years of operation, Green Planet declared and paid the following total cash dividends.

Year 1 total cash dividends $ 860
Year 2 total cash dividends 1,670

Compute the dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative.

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