(Answered) Torino company has 2600 shares of 20 par value 55

Accounting

Torino Company has 2,600 shares of $20 par value, 5.5% cumulative and nonparticipating preferred stock and 26,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $2,500 in its first year of operation.

The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

$360.
$3,220.
$2,860.
$2,500.
$5,720.

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