McBean Company has outstanding 18 million shares of $3 par value common stock and 1.8 million shares of $5 par value preferred stock. The preferred stock has a 8% dividend rate. The company declares $10,800,000 in total dividends for the year. Preferred Dividends in arrears are $540,000.
A. Compute the amount of dividends to be distributed to preffered shareholders. (Enter your answer in dollars and not millions)
Preffered dividend -
B. Compute the amount of dividends to be distributed to common shareholders. (Enter your answer in dollars and not in millions)
Common dividend –