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How much of dividend was distribute to preferred shareholder

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Problem 1: Outstanding stock of the Coronado Corporation included 21000 shares of $5 par common stock and 10500 shares of 5%, $10 par noncumulative preferred stock. In 2020, Coronado declared and paid dividends of $4400. In 2021, Coronado declared and paid dividends of $12000. How much of the 2021 dividend was distributed to preferred shareholders?

Option 1: $7600
Option 2: $4400
Option 3: $5250
Option 4: None of these answers are correct

Reference no: EM132893615

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