McBean Company has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock.The preferred stock has a 7% dividend rate.The company declares $600,000 in total dividends for the year.Dividends in arrears are $30,000.Compute the amount of dividends to be distributed to:
a.preferred shareholders
b.common shareholders

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The Answer of McBean Company has outstanding 10 million shares of $2 par value common stock and 1 million shares of $4 par value preferred stock.The preferred stock has a 7% dividend rate.The company declares $600,000 in total dividends for the year.Dividends in arrears are $30,000.Compute the amount of dividends to be distributed to:
a.preferred shareholders
b.common shareholders

McBean Company Has Outstanding 10 Million Shares of $2 Par