13) Starling Steel has 30,000 shares of participating preferred stock outstanding. The issue has a $50 par value and carries a 10 percent annual dividend. The preferred stockholders participate equally with common stockholders once dividends per share on common exceed $6 a share. The company has 100,000 shares of common outstanding. If all available earnings are paid in dividends, what would be the dividends per share on preferred if earnings after taxes were $800,000? 13)