Anders, Inc., has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock 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 common stockholders in 2011?

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The preferred stockholders are entitled to $25,000 annually (5% of $100 par value x 5,000 shares). Since no dividends were declared in 2009, the 2010 dividend of $45,000 first covers the $25,000 for 2009 and $20,000 for 2010, leaving $5,000 unpaid for 2010. In 2011, the $45,000 dividend covers the remaining $5,000 for 2010 and the full $25,000 for 2011, leaving $15,000 for common stockholders.