Dividends on preferred stock have been in arrears of 2002 and 2003. On December 31, 2004, a total cash dividend of $100,000 was declared. what are the amounts of dividends payable on both the common and preferred stock, respectively?
- Common stock, $20 par value, 20,000 shares outstanding
- Preferred stock, 6%, $100 par value, cumulative, 1,000 share outstanding