Pearland, Inc. has 9,000 shares of preferred stock outstanding. The preferred stock has a $90 par value, a 14% dividend rate, and is noncumulative. If Pearland has sufficient funds to pay dividends, what is the total amount of dividends that will be paid out to preferred stockholders

$113400

Explanation:

The total amount of dividends that will be paid out to preferred stockholders will be:

= Number of shares × Par value of preferred stock × Dividend rate

= 9000 × $90 × 14%

= 9000 × $90 × 0.14

= $113400

Therefore, the total amount of dividends that will be paid out to preferred stockholders is $113400

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