Rensing,Inc., has $800,000 of 6% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2011 and 2012. As of December 31, 2013, it is desired to distribute $396,000 in dividends. Insructions: How much will the preferred and common stockholders receive under the following assumptions:
a) The preferred is cumulative and participating to 12% total.
b) The preferred is cumulative and fully participating.
c) The preferred is cumulative and nonparticipating.
d) The preferred is noncumulative and non participating.
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