A corporation has 40,000 shares of 12% preferred stock outstanding. Also, there are 40,000 shares of common stock outstanding. Par value for each is $100. If a $900,000 dividend is paid, how much goes to the preferred stockholders? OA. None OB. $900,000 OC. $450,000 OD. $480,000 OE. $108,000 T

A corporation has 40,000 shares of 12% preferred stock outstanding. Also, there are 40,000 shares of common stock outstanding. Par value for each is $100. If a $900,000 dividend is paid, how much goes to the preferred stockholders? A. None B. $900,000 C. $450,000 D. $480,000 E. $108,000