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How much of the dividend was distributed

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Question - Outstanding stock of the Marin Corporation included 54000 shares of $5 par common stock and 20000 shares of 5%, $10 par non-cumulative preferred stock. In 2016, Marin declared and paid dividends of $2700. In 2017, Marin declared and paid dividends of $27000. How much of the 2017 dividend was distributed to preferred shareholders?

$12700.

$30000.

$10000.

None of these answer choices are correct.

Reference no: EM132090721

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