Dia lucrii inc has 255000 shares of cumulative preferred, Ask an Expert

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Dia Lucrii, Inc. has 255,000 shares of cumulative preferred stock outstanding. The stock is supposed to pay $2.24 in dividends for each share each quarter. Due to unexpected event, the company has missed the last two quarterly payments upon its preferred stock. Determine the total amount of dividends it should pay to the preferred shareholders next quarter if it plans to a pay a $1.25 dividend to its common shareholders at that time?

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