On January 2, 2020, Porter Corporation issued 30,000 shares…
On January 2, 2020, Porter Corporation issued 30,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2023, Porter Corporation declared and paid its first dividend (i.e., no dividends were paid in the previous years of 2020, 2021, 2022). What dividends are the preferred stockholders entitled to receive in the current year before any distribution is made to common stockholders?