10. The Candle Barn has the following classes of stock: Preferred stock, 8%, $100 par, cumulative: 100,000 shares issued and outstanding. Common stock, S5 par; 100,000 shares issued, 50,000 shares outstanding. The Candle Barn paid no dividends in 2005, its first year in existence. In 2006, The Candle Barn declared a total dividend of $1,800,000 to be paid to the holders of both classes of stock. What was the amount of dividend paid in 2006 for each share of preferred stock. A) $16 B) $8 C) $12 D) $4 E) $2