The stockholders' equity section of lemay corporation shows the following on Dec 31,2011
Preferred stock -6%, $100 par 4000 shares outstanding $400,000
Common stock ------$10 par, 60,000 shares outstanding $600,000
paid in capital in excess of par 200,000
Retained Earnings 114,000
Total Stockholder equity 1,314,000
Instructions:
Assuming that all of the company's retained earning are to be paid out in dividends in 12/31/2011 and that preferred dividends were last paid on 12/31/2009, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating.