Lakeland, Inc. has 25,000 shares of 8%, $100 par value, noncumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2012. There were no dividends declared in 2011. The board of directors declares and pays a $250,000 dividend in 2012. What is the amount of dividends received by the common stockholders in 2012? $0 $200,000 $250,000 $50,000 QUESTION 55 Cooke Corporation issues 10,000 shares of $50 par value preferred stock for cash at $90 per share. The entry to record the transaction will consist of a debit to Cash for $900,000 and a credit or credits to Preferred Stock for $900,000. Preferred Stock for $500,000 and Paid-in Capital in Excess of Par-Preferred Stock for $400,000 Preferred Stock for $400,000 and Paid-in Capital from Preferred Stock for $500,000 Paid-in Capital from Preferred Stock for $900,000 QUESTION 56 Dividends in arrears on cumulative preferred stock are considered to be a non-current liability, are considered to be a current liability. only occur when preferred dividends have been declared. should be disclosed in the notes to the financial statements