abc company had the following stock outstanding when the companies board of directors declared a 90,000 cash dividend in the current year.

abc company had the following stock outstanding when the companies board of directors declared a 90,000 cash dividend in the current year.

preferred stock, 100 par , 6% , 5000 shares issued  500,000

common stock , 10 par , 70000 shares issued          700,000

total                                                                              1,200,000

 allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative 

Allocation of Dividends Between Preferred and Common StockholdersExplanation Current preferred dividendRemainder to common (90000-30000)Total PreferredDividend CommonDividend30,00030,000…

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