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What amount of cash was paid to the preferred shareholders

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Problem 1: Kramer Company is authorized to issue 45,000 shares of its 7 percent, $100 par value preferred stock. On March 15, Kramer issues 5,000 shares for $200 per share. On November 1, Kramer declares the dividend and pays it on December 1. What amount of cash was paid to the preferred shareholders?

Option 1: 70,000

Option 2: 315,000

Option 3: 630,000

Option 4: 35,000

Reference no: EM132721851

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