Problem:
Topper Corporation has 80,000 shares of $1 par value common stock and 52,000 shares of cumulative 6.6%, $100 par preferred stock outstanding. Topper has not paid a dividend for the prior year.
Required:
Question: If Topper declares a $1.45 per share dividend this year, what will be the total amount they must pay their shareholders?
Note: Explain all steps comprehensively.