On December 31, 2020, Monaco Ltd. had outstanding 2,000 no par value, $ 6, cumulative preferred shares and 30,000 no par value common shares. At this time, dividends in arrears on the preferred shares were $ 6,000. Cash dividends declared in 2021 totalled $ 30,000. The amounts paid to each class of shares were Preferred Shares Common Shares

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The Answer of On December 31, 2020, Monaco Ltd. had outstanding 2,000 no par value, $ 6, cumulative preferred shares and 30,000 no par value common shares. At this time, dividends in arrears on the preferred shares were $ 6,000. Cash dividends declared in 2021 totalled $ 30,000. The amounts paid to each class of shares were Preferred Shares Common Shares