Anders, Inc., has 5,000 shares of 5%, $100 par value, cumulative preference shares and 20,000 shares of $1 par value ordinary shares outstanding at December 31, 2011.There were no dividends declared in 2009.The board of directors declares and pays a $45,000 dividend in 2010 and in 2011.What is the amount of dividends received by the ordinary shareholders in 2011?

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The cumulative preference shares have a dividend of 5% on $100 par value, which is $5 per share. With 5,000 shares, the annual dividend is $25,000. Since no dividends were declared in 2009, the preference shareholders are owed $25,000 for 2009 and $25,000 for 2010, totaling $50,000. In 2010, $45,000 was paid, leaving $5,000 owed. In 2011, another $25,000 is owed for the preference shares, totaling $30,000. The $45,000 dividend in 2011 covers this, leaving $15,000 for ordinary shareholders.