Reference no: EM132454085
Question - The stockholders' equity section of Lemay Corporation shows the following on December 31, 2019:
Preferred stock - 6%, $100 par, 4,000 shares outstanding $400,000
Common stock - $20 par, 60,000 shares outstanding 600,000
Pain-in capital in excess of par 200,000
Retained earnings 114,000
Total stockholders equity $1,314,000
Required - Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/19 and preferred dividends were last paid on 12/31/17, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.
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