Problem
Lafayette, Inc. was incorporated on January 1, 2014. Lafayette issued 11,000 shares of common stock and 600 shares of preferred stock on that date. The preferred stock is? cumulative, $100 par, with an 11% dividend rate. Lafayette has not paid any dividends yet. In 2017, Lafayette had its first profitable? year, and on November? 1, 2017, Lafayette declared a total dividend of $28,000.
What is the total amount that will be paid to common stockholders?