The Davis Company reported the following as of December 31, 2021 Preferred Shares, Cumulative, $1.50,...
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The Davis Company reported the following as of December 31, 2021 Preferred Shares, Cumulative, $1.50, 50,000 shares issued $ 800,000 Common Shares, 400,000 shares issued $2,200,000 Davis had experienced a downturn in business in both 2019 and 2020 and was not able to pay any dividends. Business returned to normal in 2021 and Davis declared dividends totalling $425,000 Required: 1. Calculate the amount of dividends paid to Preferred Shareholders in 2021 2. Calculate the amount of dividends paid to Common Shareholders in 2021
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