(Answered) Question - a company has 10 par common stock outstanding

Accounting

Question - A company has $10 par common stock outstanding with a total par value of $4,000,000 and 5%, $50 par cumulative, nonparticipating preferred stock with a total par value of $3,000,000. No dividend was declared on the stock in the last year. In the current year, the company earned a net income of $1,700,000 and dividends paid, included a dividend of $3 per share on the common stock. What is the total amount of dividend paid to shareholders in the current year?

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