Walla Company has common and preferred stock outstanding as follows:
Common stock: 100,000 shares, $30 par value
8 percent preferred stock: 10,000 shares, $ 100
Dividends on preferred stock have not been paid for the last three years (in addition to the current year). If the company pays a total of $120,000 in dividends, how much will the common stockholders receive per share if the preferred stock is not cumulative? How will your answer differ if the preferred stock is cumulative?
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