Reference no: EM132605529
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018:
Preferred stock-5%, $100 par, 5,300 shares outstanding $530,000
Common stock-$10 par, 61,000 shares outstanding 610,000
Paid-in capital in excess of par 220,000
Retained earnings 129,100
Total stockholders' equity $1,489,100
Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.
Question 1: compute
- preferred stockholders $
- Common stockholders