Venco Corporation's December 31, 2020 statement of financial...
Venco Corporation's December 31, 2020 statement of financial position showed the following:
Share capital—preference 6%, $20 par value, cumulative,
10,000 shares authorized; 7,500 shares issued $ 150,000
Share capital-ordinary, $10 par value, 1,000,000 shares authorized;
975,000 shares issued, 960,000 shares outstanding 9,750,000
Share premium—preference 30,000
Share premium—ordinary 13,500,000
Retained earnings 3,750,000
Treasury shares (15,000 shares) 315,000
Venco declared and paid a $45,000 cash dividend on December 15, 2020. If the company's dividends in arrears prior to that date were $9,000, Venco's ordinary shareholders received
a. $36,000.
b. $18,000.
c. $27,000.
d. no dividend.
