7’8. A corporation’s outstanding stock is composed of 20,000 shares o

7’8. A corporations outstanding stock is composed of 20,000 shares of $5 preferred, $100 par value, and 100,000 shares of common, $25 par. At the end of its first
year of operations, a total of $120,000 in dividends is to be distributed. Determine the total amount of the dividends to be paid on each class of stock. 7.
Preferred 8. Common