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In recent years, the McFarlane Company had severe cash flow problems. In 20X0, the company...

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Accounting

In recent years, the McFarlane Company had severe cash flow problems. In 20X0, the company suspended payment of cash dividends on common stock. In 20X1, it ceased payment on its $3 million par value 6% cumulative preferred stock. No common or preferred dividends were paid in 20X1 or 20X2. In 20X3, McFarlanes board of directors decided that $1.0 million was available for cash dividends. Compute the preferred stock dividend and the common stock dividend for 20X3

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