The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock—5%,...

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The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock—5%,...

The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018:

Preferred stock—5%, $100 par, 4,700 shares outstanding		$470,000
Common stock—$10 par, 62,000 shares outstanding		620,000
Paid-in capital in excess of par		180,000
Retained earnings		121,600
Total stockholders' equity		$1,391,600

Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.

Preferred stockholders		$
Common stockholders		$

business accounting

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