Kuhns Corp. has 250,000 shares of preferred stock outstanding that is cumulative and 100,000 common stock outstanding. The preferred dividend is...

Kuhns Corp. has 250,000 shares of preferred stock outstanding that is cumulative and 100,000 common stock outstanding. The preferred dividend is $6.30 per share and has not been paid for 3 years. If Kuhns earned $2.00 million this year, what could be the maximum payment to the preferred stockholders on a per share basis? (Round your answer to 2 decimal places.)

• $9.50 per share
• $8.00 per share
• $6.90 per share
• $10.25 per share