The following Stockholders' Equity information is available for Racer, Inc. on
December 31, 2050:
Preferred 3% Stock, $50 par, 15,000
shares authorized
$250,000
Paid in Capital in Excess of Par -
50,000
Preferred Stock
Common Stock, $10 par, 100,000
800,000
shares authorized
Paid in Capital in Excess of Par -
185,000
Common Stock
Retained Earnings
2,260,000
Treasury Stock - Common (3,000
60,000
shares at cost)
What is the amount needed to pay the preferred stock annual dividend? $