Zaina Industries has declared a $43,000 cash dividend to shareholders. The company has 4,500 shares...
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Accounting
Zaina Industries has declared a $43,000 cash dividend to shareholders. The company has 4,500 shares of $20-par, 5% preferred stock and 20,000 shares of $20-par common stock. The preferred stock is cumulative. How much will be distributed to the preferred and common stockholders on the date of payment if the preferred stock is $12,000 in arrears?
| a.) | $43,000 preferred, $0 common |
| b.) | $16,500 preferred, $26,500 common |
| c.) | $4,500 preferred, $38,500 common |
| d.) | $21,500 preferred, $21,500 common |
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