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  3. orino company has 2,700 shares of $10 par value, 6

orino Company has 2,700 shares of $10 par value, 6.0% cumulative and nonparticipating preferred stock...

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Accounting

orino Company has 2,700 shares of $10 par value, 6.0% cumulative and nonparticipating preferred stock and 27,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

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