gracey's department stores has $200,000 of 6% noncumulative, preferred stock outstanding. gracey's also has $600,000 of common stock outstanding. during its first year, the company paid cash dividends of $30,000. this dividend should be distributed as follows: multiple choice $6,000 preferred; $24,000 common. $12,000 preferred; $18,000 common. $15,000 preferred; $15,000 common. $30,000 preferred; $0 common. $0 preferred; $30,000 common.

A dividend that is paid out on a company's preferred shares is called a preferred dividend. Preferred dividend claims take precedence over claims to dividends paid on common shares if a company is unable to pay all dividends.

The preferred stock's par value and dividend rate are used to calculate preferred dividends. In times of high inflation, preferred dividends may be unfavorable because they are paid out at a fixed rate based on their par value. This is because the fixed payment is typically not adjusted for inflation and is based on a real interest rate.

Cash dividend (preferred) = 6% × preferred stock outstanding

= 6% × 200000

= $12000

It will be paid to preferred shareholders as cash dividends. The remaining amount is paid to common shareholders as cash dividends:

Cash Dividends(common) = 30000-12000

= 18000

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