As of December 31,20X2, Supreme Inc. has 10,000 shares of $50 at par, 4% cumulative...

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Accounting

As of December 31,20X2, Supreme Inc. has 10,000 shares of $50 at par, 4% cumulative preferred stock and 15,000 shares of $10 at par common stock outstanding. During the year 20X1, the company did not declare any dividends. In the year 20X2, the company decided to declare dividends at 5% of the retained earnings of 20X2. The retained earnings in 20X2 amounts to $1,500,000. Calculate the amount of dividends available for common stockholders.

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