Answer:
= $27,920,000.00
Explanation:
A preferred stock is that which pays a fixed percentage of its nominal value as dividend. A preferred stock ranks ahead of common stock in the payment of dividends and settlement of claims in the event of liquidation.
However, preference dividends are paid out of profit only after the interest claims of loan creditors have been settled
The total amount of preference dividends payable by Xerox
= 8% × 349,000,000
= $27,920,000.00
Preference dividends = = $27,920,000.00
