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Highland Industries issues 20,000 shares of 7%, $20 par value preferred stock at the beginning...

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Accounting

Highland Industries issues 20,000 shares of 7%, $20 par value preferred stock at the beginning of 2011. All remaining shares are common stock. Highland was not able to pay dividends in 2011, but plans to pay dividends of $70,000 in 2012. Assuming the preferred stock is noncumulative, how much of the $70,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2012?

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