Exercise 140

The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018:

Preferred stock5%, $100 par, 4,700 shares outstanding $470,000

Common stock$10 par, 62,000 shares outstanding 620,000

Paid-in capital in excess of par 180,000

Retained earnings 121,600

Total stockholders' equity $1,391,600

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.

Preferred stockholders $

Common stockholders $