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Kuhns Corp. has 220,000 shares of preferred stock outstanding that is cumulative and 100,000 common stock outstanding. The preferred dividend is $6.60 per share and

Kuhns Corp. has 220,000 shares of preferred stock outstanding that is cumulative and 100,000 common stock outstanding. The preferred dividend is $6.60 per share and has not been paid for 3 years. If Kuhns earned $1.20 million this year, what could be the maximum payment to the preferred stockholders on a per share basis? (Round your answer to 2 decimal places.) Multiple Choice $6.95 per share $5.45 per share $4.35 per share $7.70 per share

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