(Learning Objective 4: Compute dividends on preferred and common stock) Majestic Manufacturing, Inc., reported the following:Preferred stock, cumulative, $2.00 par, 8%, 70,000 shares issued $140,000Common stock, $.15 par, 9,070,000 shares issued 1,360,500Majestic Manufacturing has paid all preferred dividends through 2009.1.Compute the total amounts of dividends to both preferred and common for 2012 and 2013 if total dividends are $120,000 in 2012 and $144,000 in 2013.

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