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McBean Company has outstanding 30 million shares of $3 par value common stock and 3...

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Accounting

McBean Company has outstanding 30 million shares of $3 par value common stock and 3 million shares of $5 par value preferred stock. The preferred stock has a 8% dividend rate. The company declares $18,000,000 in total dividends for the year. Preferred Dividends in arrears are $900,000.

a. Compute the amount of dividends to be distributed to preferred shareholders. (Enter your answer in dollars and not in millions.)

b. Compute the amount of dividends to be distributed to common shareholders. (Enter your answer in dollars and not in millions.)

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