A corpaoration has 10, 000 of 50.00 par value 8% cummulative preffered shares issued and outstanind and 15,000 shares authorized. Preffered dividends have b een omitted last year and none have been paid in the current year either, the firm also has 50,000 shares of common stock issued and outstaning for which the Board of Directors would like to declare a 10 cents per share dividend. What total amount of dividends must be paid to the preferred shareholders dividend before the directors can declare a dividend for the common shares?
