an analyst gathers the following information about meyer, incorporated: meyer has 1,800 shares of 10% cumulative preferred stock outstanding, with a par value of $100 and liquidation value of $110. meyer has 20,000 shares of common stock outstanding, with a par value of $20. meyer had retained earnings at the beginning of the year of $5,400,000. net income for the year was $78,000. this year, for the first time in its history, meyer paid no dividends on preferred or common stock.
