A company has 10,000 shares of $100 par, 6% cumulative preferred stock outstanding. If the company declares a total of $200,000 of cash dividends for the year for both its common and preferred stock and the preferred stock is two years in arrears, how much will be allocated to the (1) preferred stockholders and (2) the common stockholders?
A) (1) $60,000 and (2) $140,000
B) (1) $120,000 and $80,000.
C) (1) $180,000 and $20,000.
D) (1) $200,000 and (2) $0.
E) None of the above.
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