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Rosie, Inc., did not pay dividends on its $7.75, $59 par value, cumulative preferred stock...

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Accounting

Rosie, Inc., did not pay dividends on its $7.75, $59 par value, cumulative preferred stock during 2015 or 2016, but had met its preferred dividend requirement in all prior years. Since 2011, 23,000 shares of this stock have been outstanding. Rosie, Inc., has been profitable in 2017 and is considering a cash dividend on its common stock that would be payable in December 2017.

What is the dividend that has to be paid on the preferred stock before paying the common stock?

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