On December 31, 2014, Monaco Ltd.had outstanding 2,000 no par value, $6, cumulative preferred shares and 30,000 no par value common shares.At this time, dividends in arrears on the preferred shares were $6,000.Cash dividends declared in 2015 totalled $30,000.The amounts paid to each class of shares were

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The Answer of On December 31, 2014, Monaco Ltd.had outstanding 2,000 no par value, $6, cumulative preferred shares and 30,000 no par value common shares.At this time, dividends in arrears on the preferred shares were $6,000.Cash dividends declared in 2015 totalled $30,000.The amounts paid to each class of shares were