E8-6A. Distribute dividend between preferred and common shareholders. (LO 2)
Framer Company has 4,000 shares of 9%, $100 par, cumulative preferred stock outstanding and 10,000 shares of $1 par value common stock outstanding. The company began operations on January 1, 2008. The cash dividends declared and paid during each of the first 3 years of Framer’s operations are shown. Calculate the amounts that went to the preferred and the common shareholders (SHs) each year.
| Total Dividends | Dividends to | |
| Year | Paid | Preferred SHs |
| 2008 | $120,000 | |
| 2009 | 50,000 | |
| 201 0 | 80,000 |
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