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Dividends on preferred stock. The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock-490, $100 par, 5,000 shares outstanding

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Dividends on preferred stock. The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock-490, $100 par, 5,000 shares outstanding Common stock-$10 par, 60,000 shares outstanding Paid-in capital in excess of par Retained earnings Total stockholders' equity 500,000 600,000 200,000 119.000 $1,419.000 Instructions Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating

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