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Business, 06.06.2020 17:57 milkshakegrande101

Electric, Inc. was incorporated on January 1, 2016. Electric issued 9 comma 000 shares of common stock and 1 comma 000 shares of preferred stock on that date. The preferred stock is cumulative, $ 100.00 par, with an 10% dividend rate. Electric has not paid any dividends yet. In 2019, Electric had its first profitable year, and on November 1, 2019, Electric declared a total dividend of $ 64 comma 000. What is the total amount that will be paid to preferred shareholders?

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