Suppose a company had the following stock outstanding and retained earnings on December 31, 2011.
Common Stock (par $7; outstanding, 22,000 shares)
|
$154,000
|
Preferred Stock, 10% (par $10; outstanding, 6,000 shares)
|
$60,000
|
Retained Earnings
|
$179,000
|
Suppose that the preferred stock is noncumulative, and the total amount of dividends is $29,000.
Compute the amounts of dividends, in total and per share, that would be payable to each class of stockholders.