As of December 31, 2015, the Russell Corporation has 10,000 shares of 10% preferred stock issued and outstanding with a total par value of $250,000. In addition, as of this date, Russell has 75,000 shares of common stock issued and outstanding with a total par value of $750,000. Dividends for 2013 and 2014 have not been paid. As of December 31, 2015, the Russell Corporation declared total cash dividends of $290,000 to be paid to both the preferred stockholders and the common stockholders.
Required:
How much cash will be distributed to both the preferred stockholders and the common stockholders, respectively, on December 31, 2015, under each of the following independent situations?

Question

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The Answer of As of December 31, 2015, the Russell Corporation has 10,000 shares of 10% preferred stock issued and outstanding with a total par value of $250,000. In addition, as of this date, Russell has 75,000 shares of common stock issued and outstanding with a total par value of $750,000. Dividends for 2013 and 2014 have not been paid. As of December 31, 2015, the Russell Corporation declared total cash dividends of $290,000 to be paid to both the preferred stockholders and the common stockholders.
Required:
How much cash will be distributed to both the preferred stockholders and the common stockholders, respectively, on December 31, 2015, under each of the following independent situations?

As of December 31, 2015, the Russell Corporation Has 10,000