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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, 60,000 shares outstanding | 600,000 | |
Paid-in capital in excess of par | 190,000 | |
Retained earnings | 128,200 | |
Total stockholders' equity | $1,448,200 |
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 | $ |
PLEASE SHOW ALL CALCULATIONS
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