Question - Gault Corporation had the following shares of stock outstanding on December 31, 20x8:
Common stock, $50 par value, 200,000 shares outstanding
Preferred stock, 8 percent, $100 par value, cumulative, 20,000 shares outstanding
Dividends were in arrears for 20x6 and 20x7. On December 31, 20x8, total cash dividends of $800,000 were declared. Compute the total amounts payable to preferred stockholders and common stockholders?