If two years' preferred dividends are in arrears and the board of directors declares cash dividends of $22,900, what total amount will be paid to the preferred and to the common shareholders?
Raphael Corporation's common stock is currently selling on a stock exchange at $195 per share, and its current balance sheet shows the following stockholders' equity section:
Preferred stock-5% cumulative, $___ par value, 1,000 shares
authorized, issued, and outstanding $ 90,000
Common stock-$___ par value, 4,000 shares authorized, issued,
and outstanding 180,000
Retained earnings 380,000
Total stockholders' equity $ 650,000