15 - 20 Test Bank for Intermediate Accounting, Thirteenth Edition 87. Luther Inc.

15 - 20 Test Bank for Intermediate Accounting, Thirteenth Edition 87. Luther Inc., has 2,000 shares of 6%, $50 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2011, and December 31, 2010. The board of directors declared and paid a $5,000 dividend in 2010. In 2011, $24,000 of dividends are declared and paid. What are the dividends received by the preferred stockholders in 2011? A. $17,000 b. $12,000 c. $ 7,000 d. $ 6,000 Anders, Inc., has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010 and in 2011. What is the amount of dividends received by the common stockholders in 2011? A. $15,000 b. $25,000 c. $45,000 d. $0 Colson Inc. Declared a $160,000 cash dividend. It currently has 6,000 shares of 7%, $100 par value cumul