Question
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock5%, $100 par,5,500shares outstanding$550,000Common stock$10 par,61,000shares outstanding610,000Paid-in capital in excess
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018:
Preferred stock5%, $100 par,5,500shares outstanding$550,000Common stock$10 par,61,000shares outstanding610,000Paid-in capital in excess of par200,000Retained earnings108,700Total stockholders' equity$1,468,700
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 stockholder $
common stockholders $
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