egg inc. has 10,000 shares of %7, $100 par value, cumulative preferred stock and

Question

egg inc. has 10,000 shares of %7, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at december 31, 2013. if board of directors declares a 60,000 cash dividend.. preferred shareholders will receive entire 60,000 preferred shareholders will receive 1/10th of what the common shareholders will receive 60,000 will be held as restricted retained earnings and paid out at some future date preferred shareholder receives 30,000 common shareholder receives 30,000

Explanation / Answer

its definitely option A ie a 60,000 cash dividend.. a. preferred shareholders will receive entire 60,000

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