Outstanding stock of the Cheyenne Corporation included 37000 shares of $5 par common stock and 11500 shares of 5%, $10 par non-cumulative preferred stock. In 2019, Cheyenne declared and paid dividends of $3700. In 2020, Cheyenne declared and paid dividends of $18500. How much of the 2020 dividend was distributed to preferred shareholders

$5,750

Explanation:

Calculation to determine How much of the 2020 dividend was distributed to preferred shareholders

Dividend distributed to preferred shareholders=11500 shares *$10 par non-cumulative preferred stock*5%

Dividend distributed to preferred shareholders=$5,750

Therefore Dividend distributed to preferred shareholders is $5,750

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