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What is the total amount of dividends to be declared

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Question - Bonanza Company provided the following shareholders equity on December 2021:

Preference share capital, P100 par, 80 shares issued, 12% cumulative and fully participating 8,000,000 Ordinary share capital, P50 par, 200,000 shares issued 10,000,000 Share Premium 5,000,000 Retained Earnings 7,000,000

Dividends on the preference shares are in arrears for two years including the current year. On December 31, 2021 the entity intends to pay cash dividend of P10 per share to the ordinary shareholders. What is the total amount of dividends to be declared for the preference and ordinary shares?

Reference no: EM133182576

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