Question: Mega, Inc., has common and 6 percent preferred stock outstanding as follows: Preferred stock: 10,000 shares, $100 par value, cumulative Common stock: 50,000 shares, $50

Mega, Inc., has common and 6 percent preferred stock outstanding as follows:
Preferred stock: 10,000 shares, $100 par value, cumulative
Common stock: 50,000 shares, $50 par value
The company declares a total dividend of $200,000. If the dividends on preferred stock are one year in arrears (in addition to the current year), how will the total dividend be divided between the common and preferred stock?

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