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Question
Ultimate Sportswear has $100,000 of 8% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $500,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $30,000. This dividend should be distributed as follows:A.$8,000 preferred; $22,000 common.
B.$16,000 preferred; $14,000 common.
C.$7,500 preferred; $22,500 common.
D.$15,000 preferred; $15,000 common.
E.$0 preferred; $30,000 common.
Answer
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