Metlock, inc. has 5900 shares of 6%, $50 par value, cumulative preferred stock and 118000 shares of $1 par value common stock outstanding at december 31, 2020, and december 31, 2019. the board of directors declared and paid a $11500 dividend in 2019. in 2020, $57500 of dividends are declared and paid. what are the dividends received by the preferred stockholders in 2020?

$23900

Explanation:

Given: Cumulative Preferred stock is 5900 shares of 6% at $50.

           Dividend paid in 2019= $11500

First lets calculate the value of preferred stock.

Preferred stock=

∴ Preferred stock= $17700.

Formula:

Dividend received by preferred stockholder=

⇒Dividend received by preferred stockholder=

⇒ Dividend received by preferred stockholder=

∴ $23900 dividend received by preferred stockholder in 2020.

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explanation:

the correct choice is a