MC Qu. 12 (LO10-3) At the beginning of 20X1, a company issues… At the beginning of 20X1, a company

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MC Qu. 12 (LO10-3) At the beginning of 20X1, a company issues…

At the beginning of 20X1, a company issues 100,000 shares of 4%, $10 par value, cumulative preferred stock. All remaining shares outstanding are common stock. The company does not pay any dividends in 20X1, but pays dividends of $100,000 at the end of 20X2. How much of the dividend will be paid to common stockholders in 20X2?