Reference no: EM133078131
Question - The shareholders' equity section of SPRINGFIELD Corporation's statement of financial position at December 31 is presented here.
SPRINGFIELD CORPORATION Statement of Financial Position (partial)
Shareholders' equity Contributed capital $5 Preferred shares, cumulative, 10,000 authorized, 5,700 shares issued $570,000
Common shares, 750,000 authorized, 570,000 shares issued 2,166,000
Contributed surplus 86,000
Total contributed capital 2,822,000
Retained earnings 1,219,000
Total shareholders' equity $4,041,000
Required - Calculate the annual total dividend for preferred shares.
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