Abc inc has 3000 shares of 6 100 par value cumulative, Accounting Basics

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Abc inc has 3000 shares of 6 100 par value cumulative

Question: Which is the correct option? please show the work to get to that answer.

ABC, Inc. has 3,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2006. What is the annual dividend on the preferred stock?

A. $5 per share

B. $100 per share

C. $3,000 in total

D. $18,000 in total

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Accounting Basics: Abc inc has 3000 shares of 6 100 par value cumulative

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Accounting Basics: Abc inc has 3000 shares of 6 100 par value cumulative

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