Brief Exercise 10-7 Determine the amount of preferred stock dividends (LO10-3) Rechers Designs hos 1.100 shares of 7%. $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock Due to cash flow discuties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $13.000 in 2021. How much of the $13.000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Answer is complete but not entirely correct. $ Preferred vidends in annars for 2019 and 2000 Preferred dividends for 2021 Remaining dividends to common stockholders Total dividends 1.450 3,850 7.700 13.000 3