A company has 14.50 million shares of $6.50 par common stock and 1.9 million shares of $4.90 par preferred stock outstanding. The preferr- an 9% dividend rate. The company declares $390,000 in total dividends for the year. Which of the following is correct if the preferred stockh have a current dividend preference?

A company has 14.50 malion shares of $6.50 par common stock and 1.9 milition shares of $4.90 par preferred stock outstanding. The prefer an 92 dividend rate. The company declares $390,000 in total dividends for the yeat. Which of the following is correct if the preferred stockt have a current dividend preference