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Question
Halverstein Company's outstanding stock consists of 7,000 shares of cumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.| Year | Dividend Declared |
| 2015 | $0 |
| 2016 | $6,000 |
| 2017 | $32,000 |
The amount of dividends paid to preferred and common shareholders in 2016 is:
A.$3,500 preferred; $2,500 common.
B.$3,000 preferred; $3,000 common.
C.$0 preferred; $6,000 common.
D.$4,200 preferred; $1,800 common.
E.$6,000 preferred; $0 common.
Answer
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