(Answered) Question - wainwright corporation has the following capital

Accounting

Question - Wainwright Corporation has the following capital stock outstanding:

$10 par value common stock, outstanding 100,000 shares.

7% preferred stock, par $400, 8,000 shares, with 3 years in arrears.

Cash dividends of $1,000,000 were declared and paid near the end of the current year.

Requirements: Assume that the preferred stock is cumulative.

Calculate:

Dividends received by the preferred stockholders.

Dividends received by the common stockholders.

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