Computing amount paid to common shareholders

Reference no: EM1363763

Intrepid Inc. declared a $1,000,000 cash dividend. It currently has 15,000 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Intrepid distribute to the common stockholders?

a. $910,000

b. $1,000,000

c. $180,000

d. $820,000

Reference no: EM1363763

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