ACT 2121 SPRING 2019 (HUNTER) CHAPTER 11 IN-CLASS AND HOMEWORK EXERCISES, 26. HW11#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below are items found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Garland Corporation declared cash dividends of $500,000 on September 1 payable to stockholders of record December 1, 2018. 8% Preferred stock, $100 par value, cumulative, 50,000 shares authorized, 25,000 shares issued and outstanding. Common stock, $10 stated value, 400,000 shares authorized, 100,000 issued and outstanding. Instructions: Assume each is an independent transaction. a. Determine the 2018 dividends payable to the Preferred Shareholders, assuming no dividends in arrears. b. Determine the 2018 dividends payable to the Preferred Shareholders, assuming 2 years (2016 and 2017) dividends in arrears. $ c. Determine the 2018 dividend per share payable to Common Shareholders, assuming one year dividends to Preferred Shareholders. $_ _Common Shareholders dividend per share 3 000 000