Problem two suppose a company had the following stock

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Problem Two

Suppose a company had the following stock outstanding and retained earnings on December 31, 2011.

Common Stock (par $7; outstanding, 22,000 shares)	$154,000
Preferred Stock, 10% (par $10; outstanding, 6,000 shares)	$60,000
Retained Earnings	$179,000

Suppose that the preferred stock is noncumulative, and the total amount of dividends is $29,000.

Compute the amounts of dividends, in total and per share, that would be payable to each class of stockholders.

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