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Harris Pilton has 5,000 shares of $1.50 par value common stock in issue. The firm also has 6,000 shares of $20.00 par value, 7%,

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Harris Pilton has 5,000 shares of $1.50 par value common stock in issue. The firm also has 6,000 shares of $20.00 par value, 7%, cumulative, nonparticipating preferred stock outstanding. Over the last 3 years, the firm has not paid out any cash dividends. This year, the firm has declared and paid a total of $40,000 of cash dividends. How much total cash dividends will preferred stockholders receive in the current year? How much total cash dividends will common stockholders receive in the current year? How much are dividends in arrears for the preferred stockholders? Choose... Choose... Choose...

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