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A company has outstanding 12,000 shares of 10%, $100 par value, cumulative preferred stock and 160,000 shares of $100 par value common stock. Retained earnings
A company has outstanding 12,000 shares of 10%, $100 par value, cumulative preferred stock and 160,000 shares of $100 par value common stock. Retained earnings are $250,000. No dividends have been paid in the past two years or in the current year. Retained earnings available at the end of the current year for the dividends on the common stock are:
$0
$ 11,000
$121,000
$251,000
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