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XYZ Company has the following shares of stock outstanding: perferred, 8%, 10,000 shares...

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Accounting

XYZ Company has the following shares of stock outstanding:
perferred, 8%, 10,000 shares (dividens are one year in arrears)
common, $1 par, 100,000 shares
On October 22, the board of directors declared dividends totaling $200,000, payable on December 24, to shareholders of record as of November 24. Determine total dividens assuming that the perferred stock is cumulative.
a. Perferred- $200,000
b. common- $100,000
c. Perferred- $80,000
d. Common- $40,000

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