Reference no: EM13863742
Gibraltar Corporation has 200,000 shares of 9%, $50 par value cumulative preferred stock authorized, 80,000 shares issued, and 75,000 outstanding, as well as 300,000 shares of $10 par value common stock issued and outstanding. Dividends relative to the preferred stock are two years in arrears. If Gibraltar declares a $2,137,500 dividend during the current period, the amount of the dividend applicable to the preferred and common stockholders is:
A) $675,000 and $1,462,500, respectively
B) $1,012,500 and $1,125,000, respectively
C) $1,350,000 and $787,500, respectively
D) $2,025,000 and $112,500, respectively
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