Township, Inc.has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2020, and December 31, 2021.The board of directors declared and paid a $50,000 dividend in 2020.In 2021, $110,000 of dividends are declared and paid.What are the dividends received by the preferred and common shareholders in 2021?

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The Answer of Township, Inc.has 10,000 shares of 5%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2020, and December 31, 2021.The board of directors declared and paid a $50,000 dividend in 2020.In 2021, $110,000 of dividends are declared and paid.What are the dividends received by the preferred and common shareholders in 2021?