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Riga Ltd. has outstanding 100,000 no par common shares and 20,000 no par, $0.40, preferred...

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Accounting

Riga Ltd. has outstanding 100,000 no par common shares and 20,000 no par, $0.40, preferred shares issued at $5 each. The preferred shares are cumulative and non-participating. Dividends have been paid every year except the past two years and the current year. The Common Shares account currently shows a balance of $200,000. Assuming that $61,000 will be distributed as a dividend in the current year, and the preferred shares are also fully participating, how much will the common shareholders receive?

a) $31,000

b) $16,000

c) $30,000

d) $37,000

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