Paid-in-capital Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued

Paid-in-capital Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares issued. 82,500 common stock, $0.30 par, 1,200,000 shares authorized and issued 360,000 paid-in-capital in excess of par-common 400,000 Total paid in capital 842,500 Retained Earning 260,000 Total stockholder’s Equity 1,102,500 Requirements: Is Partlow’s preferred stock cumulative or noncumulative? How can you tell? Partlow declares cash dividends of $30,000 for 2010. How much of thedividends goes to preferred. How much goes to common? Partlow passed the preferred dividend in 2011 and 2012. In 2013 thecompany declares cash dividends of $45,000. How much of the dividend goes to preferred? How much goes to common?

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