A company has outstanding 10.50 million shares of $3.50 par common stock and 2.7 million shares of $5.70 par preferred stock. The preferred stock has an 13% dividend rate. The company declares $470,000 in total dividends for the year. Which of the following is correct if the preferred stockholders only have a current dividend preference?

• Preferred stockholders will receive the entire $470,000, but will receive nothing more relating to this dividend declaration. Common stockholders will receive nothing.

• Preferred stockholders will receive $61,100 or 13% of the total dividends. Common stockholders will receive the remaining $408,900.

• Preferred stockholders will receive the entire $470,000, and they must also be paid $271,000 sometime in the future before common stockholders will receive anything.

• Preferred stockholders will receive the entire $470,000, and they must also be paid $271,000 before the end of the current accounting period. Common stockholders will receive nothing.

A company has outstanding 10.50 million shares of $3.50 par common stock and 2.7 million shares of $5.70 par preferred stock. The preferred stock has an 13% dividend rate. The company declares $470,000 in total dividends for the year. Which of the following is correct if the preferred stockholders only have a current dividend preference? Multiple Choice Preferred stockholders will receive the entire $470,000, but will receive nothing more relating to this dividend declaration. Common stockholders will receive nothing. Preferred stockholders will receive $61,100 or 13% of the total dividends. Common stockholders will receive the remaining $408,900. Preferred stockholders will receive the entire $470,000, and they must also be paid $271,000 sometime in the future before common stockholders will receive anything. Preferred stockholders will receive the entire $470,000, and they must also be paid $271,000 before the end of the current accounting period. Common stockholders will receive nothing