2012
Preferred
$44,000
Common
$0
The premium dividends are now $1,000 in arrears.
2013
Premium
$45,000 + $1,000 = $46,000
Common
$75,000 - $46,000 = $29,000
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Archer, Inc. has 9,000 shares of 5%, $100 par value, noncumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2012, and December 31, 2013. The board of directors declared and paid a $44,000 dividend in 2012. In 2013, $75,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2013?
Preferred
Common
a.
$0
$75,000
b.
$45,000
$30,000
c.
$37,500
$37,500
d.
$75,000
$40,000
