Davis Aquatic Corp. has 300,000 shares of preferred stock outstanding that is cumulative. The dividend is $8.00 per share and has not been paid for 2 years. If Davis Aquatic Corp. earned $3 million this year, what could be the maximum payment to the preferred shareholders on a per share basis?

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The Answer of Davis Aquatic Corp. has 300,000 shares of preferred stock outstanding that is cumulative. The dividend is $8.00 per share and has not been paid for 2 years. If Davis Aquatic Corp. earned $3 million this year, what could be the maximum payment to the preferred shareholders on a per share basis?