Perry Corporation was established on January 1, Year 1 when…
Perry Corporation was established on January 1, Year 1 when it issued 21,600 shares of $50 par, 5 percent, cumulative preferred stock and 62,000 shares of $10 par common stock. The company’s earnings history is as follows: Year 1$112,320Net lossYear 2$190,000Net incomeYear 3$200,000Net income The corporation paid the maximum amount of dividends possible in each year of operation. The dividend paid to common stockholders at the end of Year 3 is