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Financial Accounting

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Drake Dividend Goes to Common vs. Preferred

FINACT-NBFI9Q

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

Stockholder's Equity Section:
5% Preferred stock, \$100 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 \$75,000
Common stock, \$12 par value, 6,000,000 shares authored, --?-- shares issued \$600,000
Paid in capital, in excess of par, common stock \$25,000
Retained earnings \$825,000



If Drake declared a dividend of $56,000, and there are no dividends in arrears, what amount of this dividend (in total, not per share) would be paid to common stockholders?