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Shown below is information relating to the stockholders' equity of Grant Corporation at...

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Accounting

Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 6% cumulative preferred stock, $100 par value; authorized, 10,000 shares; issued and outstanding, 6,000 shares
Common stock, $3 par value; authorized, 500,000 shares; issued and outstanding, 300,000 shares
Additional paid-in capital: preferred stock
Additional paid-in capital: common stock
Retained earnings
Dividends have been declared and paid for Year 1.The balance in Retained Earnings at the beginning of the year was $950,000, and there were no dividends in arrears. Net income for Year 1 was $980,000. What was the amount of dividend declared on each share of common stock during Year 1?
Select one:
a. $2.08.
b. $2.00.
c. $2.50.
d. $2.68.
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