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Blossom Company's ledger shows the following balances on December 31 , 2025...

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Question

Accounting

Blossom Company's ledger shows the following balances on December
31
,
2025
.
7
%
Preferred stock
-
$
10
par value, outstanding
18
,
600
shares
$
186
,
000
Common stock
-
$
100
par value, outstanding
29
,
200
shares
2
,
920
,
000
Retained earnings
628
,
000
Assuming that the directors decide to declare total dividends in the amount of $
340
,
000
,
determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock.
a
.
The preferred stock is cumulative and fully participating.
(
Round the rate of participation to
6
decimal places, e
.
g
.0.014278
.
Round answers to
0
decimal places, e
.
g
.
38
,
487
.
)
Preferred
Common
$
$
b
.
The preferred stock is noncumulative and nonparticipating.
(
Round answers to
0
decimal places, e
.
g
.
38
,
487
.
)
Preferred
Common

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