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The stockholders' equity section of Monty Corporation shows the following on December 31, 2021: Preferred stock4%, $100 par, 5,500 shares outstanding $550,000 Common stock$10 par,
The stockholders' equity section of Monty Corporation shows the following on December 31, 2021:
Preferred stock4%, $100 par, 5,500 shares outstanding | $550,000 | |
Common stock$10 par, 58,000 shares outstanding | 580,000 | |
Paid-in capital in excess of par | 180,000 | |
Retained earnings | 135,000 | |
Total stockholders' equity | $1,445,000 |
Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/21 and that preferred dividends were last paid on 12/31/19, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.
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