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How much of the dividend payment was paid

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Reference no: EM133099987

Question - The following information is provided for Bold Company for the year 2019:

Preferred stock, 6%, $50 par value, 1,600 shares issued and outstanding

Common stock, $100 par value, 2,600 shares issued and outstanding

Dividends in arrears for three prior years (2016-2018)

Total dividends declared and paid in 2019 were $56,000.

Required - How much of the 2019 dividend payment was paid to the common stockholders assuming the preferred stock is cumulative?

Reference no: EM133099987

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