A corporation's current year balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 40,000 shares authorized; 20,000 shares issued Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding Paid-in capital in excess of par value--Preferred stock Paid-in capital in excess of par value--Common stock Retained earnings Treasury stock (30,000 shares) $400,000 26,000,000 80,000 36,000,000 10,200,000 840,000 During the year, the corporation declared and paid a $100,000 cash dividend. If the company's dividends in arrears prior to the current year were $32,000, the corporation's common stockholders would receive

A corporation's current year balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 40,000 shares authorized; 20,000 shares issued $400,000 Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares 26,000,000 outstanding Paid-in capital in excess of par value--Preferred stock 80,000 Paid-in capital in excess of par value--Common stock 36,000,000 Retained earnings 10,200,000 Treasury stock (30,000 shares) 840,000 During the year, the corporation declared and paid a $100,000 cash dividend. If the company's dividends in arrears prior to the current year were $32,000, the corporation's common stockholders would receive