Analyzing Convertible Preferred Stock Xerox Corp. reports the following stockholders' equity information in its 10-K report, Shareholders' Equity (in millions, except par value) Series A convertible preferred stock Common stock, $1 parvalue Additional paid in capital Treasury stock, at cost Retained earnings December 31 2018 2017 $214 $214 3232 $255 3321 1993 155) 5.072 4856 Accumulated other comprehensive loss (565) 748) Xerox shareholders' equity $5,005 $5,256 Preferred Stock As of December 31, 2018, we had one class of preferred stock outstanding. We have issued 180,000 shares of Series B Convertible Perpetual Preferred Stock that have an aggregate liquidation value of $180 and a carrying value of $214. The Series B Convertible Preferred Stock pays quarterly cash dividends at a rate of 8% per year. Each share of Preferred Stock is convertible at any time, at the option of the holder. into 37.4532 shares of common stock for a total of 6,742 thousand shares (reflecting an initial conversion price of approximately $26.70 per share of common stock subject to customary anti-dilution adjustments. Required a. At December 31, 2018, Xerox reports $214 million of 86 Series 8 Convertible Preferred stock. What is the dollar amount of dividends that Xerox must pay on this stock sume a par value of $1,000 per shares