A corporation had the following stock outstanding when the company's board of directors declared a $95,000 cash dividend during the current year: Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is cumulative and nonparticipating and dividends are one year in arrears.

Question

A corporation had the following stock outstanding when the company's board of directors declared a $95,000 cash dividend during the current year:  Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is cumulative and nonparticipating and dividends are one year in arrears.

A Corporation Had the Following Stock Outstanding When the Company's