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Ritz Company had the following stock outstanding and Retained Earnings at December 31, 2021: Common stock (par $1; issued and outstanding, 410,000 shares) Preferred stock,
Ritz Company had the following stock outstanding and Retained Earnings at December 31, 2021: Common stock (par $1; issued and outstanding, 410,000 shares) Preferred stock, 9% (par $10; issued and outstanding, 20,100 shares) Retained Earnings {:[$410","000],[201","000],[891","090]:} On December 31, 2021, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2019 or 2020. Three independent cases are assumed: Case A: The preferred stock is noncueulative; the total anount of 2921 dividends would be $21,000. Case B: The preferred stock is cumulative; the total arsount of 2921 dividends would be $21, 600 . Dividends were not in arrears prior to 2019. Case C: Same as Cas
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