Practice Brief Exercise 2 M. Lily Corporation has 13,000 shares of 9%, $100 par value, cumulative preferred stock outstanding at December 31, 2020. No dividends were declared in 2018 or 2019. If M. Lily wants to pay $400,000 of dividends in 2020, what amount of dividends will common stockholders receive? Amount of dividend Your answer is correct. M. Lily Corporation has 13,000 shares of 9%, $100 par value, cumulative preferred stock outstanding at December 31, 2020. No dividends were declared in 2018 or 2019. If M. Lily wants to pay $400,000 of dividends in 2020, what amount of dividends will common stockholders receive? Amount of dividend 49,000 Click if you would like to Show Work for this question: Open Show Work Please save your Whiteboard work as an image and send to your instructor outside of WileyPLUS