8% preferred stock $100.00 pv 4000 shares $400,000.00
common stock $10.00 pv 10000 shares $600,000.00
retained earnings $500,000.00

Company declaired dividends for common stock of $72,000 as of 12/31/11.
Preferred stock is cumulative and participating and has dividends iin arrears for 2009.
Calculate the total divident that will have to be paid to preferred shareholders.