Annual preferred dividend = Number of preferred shares x Dividend per share
= 30,000 x 0.70
= $21,000
Preferred dividend was not paid for the last year.
Dividend to be paid to preferred stockholders = Current year's dividend + Dividend in arrears for last year
= 21,000+21,000
= $42,000
Dividend to be paid to common stockholders = Total dividend declared - Dividend to be paid to preferred stockholders
= 300,000-42,000
= $258,000
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