PREFERRED STOCK DIVIDENDS Seashell Corporation has 10,000 shares outstanding of 10 percent, $20 par value, cumulative preferred

Question:

PREFERRED STOCK DIVIDENDS Seashell Corporation has 10,000 shares outstanding of 10 percent, $20 par value, cumulative preferred stock. In 2007 and 2008, no dividends were declared on preferred stock.

In 2009, Seashell had a profitable year and decided to pay dividends to stockholders of both preferred and common stock.

Required:

If the company has $200,000 available for dividends in 2009, how much could it pay to the common stockholders?

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