Use the Following Information for Questions 70-72

question 150

Multiple Choice

Use the following information for questions 70-72.
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.
-Assuming that $ 21,000 will be distributed as a dividend in the current year, how much will the preferred shareholders receive?

• A) $ 0
• B) $ 8,000
• C) $ 16,000
• D) $ 21,000

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