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As of 12/31/2020 Claudine Services has outstanding 10,000 shares of $100 par value, 8% preferred...

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Accounting

As of 12/31/2020 Claudine Services has outstanding 10,000 shares of $100 par value, 8% preferred stock, and 20,000 shares of $1 par value common stock. The company has $1,750,000 of retained earnings. At year- end, the company declares and paid the regular $8.00 per share cash dividend on preferred stock and a $5.00 per share cash dividend on common stock.
What is the total amount of dividends paid by Claudine Services?
Assuming the company made $250,000 for the 2021 fiscal year, what is the retained earnings balance after the dividend is paid?

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