7. At December 31, 2017 and 2018, Plank Corp. had outstanding 4,000 shares of $100 par value 6% cumulative preferred stock and 20,000 shares of $10 par value common stock. At December 31, 2017, dividends in arrears on the preferred stock were $12,000. Cash dividends declared in 2018 totaled $45,000. What amounts were payable on each class of stock? Preferred Stock a. $24,000 b. $33,000 c. $36,000 d. $45,000 Common Stock $21,000 $12,000 $9,000 $0
Show transcribed image text7. At December 31, 2017 and 2018, Plank Corp. had outstanding 4,000 shares of $100 par value 6% cumulative preferred stock and 20,000 shares of $10 par value common stock. At December 31, 2017, dividends in arrears on the preferred stock were $12,000. Cash dividends declared in 2018 totaled $45,000. What amounts were payable on each class of stock? Preferred Stock a. $24,000 b. $33,000 c. $36,000 d. $45,000 Common Stock $21,000 $12,000 $9,000 $0