Beckham Corporation Has 3,000 Shares of $100 Par Value, 7

Beckham Corporation has 3,000 shares of $100 par value, 7 percent cumulative preferred stock, and 10,000 shares of $10 par value common stock outstanding during its first five years of operation. Beckham Corporation paid cash dividends as follows: 2006, $16,500; 2007, $0; 2008, $65,000; 2009, $30,000; 2010, $15,000. The amount of dividends received by the preferred stockholders during 2008 was

A) $65,000.
B) $46,500.
C) $25,500.
D) $18,500.

Correct Answer:

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