McEnroe Inc.has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock.The preferred stock has a 7% cumulative dividend preference.The company declares total dividends amounting to $50,000,$250,000,and $600,000 during 2017,2018,and 2019,respectively.
Required:
Part a.Compute the amount of dividends to be distributed to preferred and common shareholders during 2017.
Part b.Compute the amount of dividends to be distributed to preferred and common shareholders during 2018.
Part c.Compute the amount of dividends to be distributed to preferred and common shareholders during 2019.

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The Answer of McEnroe Inc.has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock.The preferred stock has a 7% cumulative dividend preference.The company declares total dividends amounting to $50,000,$250,000,and $600,000 during 2017,2018,and 2019,respectively.
Required:
Part a.Compute the amount of dividends to be distributed to preferred and common shareholders during 2017.
Part b.Compute the amount of dividends to be distributed to preferred and common shareholders during 2018.
Part c.Compute the amount of dividends to be distributed to preferred and common shareholders during 2019.