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Financial Accounting

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Doate Dividends Common vs. Preferred With No Arrears

FINACT-4RGTB0

Doate Inc. has the following balances at the end of Year 5:

Stockholder's Equity Section:
7% Preferred stock, \$50 par value, 5,000,000 shares authorized
— ? — shares issued, cumulative, nonparticipating, callable at par \$50,000
Paid in capital in excess of par, preferred stock \$45,000
Common stock, \$1 par value, 6,000,000 shares authored, — ? — shares issued \$600,000
Paid in capital, in excess of par, common stock \$240,000
Retained earnings \$750,000



If Drake declared a dividend of $32,000 and there are no dividends in arrears, what amount of this dividend (in total, not per share) would go to common stockholders?