Question
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock5%, $100 par, 5,300 shares outstanding $530,000 Common stock$10 par,
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock5%, $100 par, 5,300 shares outstanding $530,000 Common stock$10 par, 61,000 shares outstanding 610,000 Paid-in capital in excess of par 220,000 Retained earnings 129,100 Total stockholders' equity $1,489,100 Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating. Preferred stockholders $ Common stockholders $
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