Ricardo Corporation reported earnings per share of $2.50 for the year ended December 31, 20x8. The following facts pertain to Ricardo Corporation:
80,000 shares of common stock were issued and outstanding on December 31, 20x7.
40,000 shares of common stock were issued for cash on July 1, 20x8.
Net income for 20x8 was $325,000.
There were 8,000 shares of nonconvertible preferred stock outstanding during 20x8.
Dividends of $20,000 were declared and paid to common stockholders during 20x8.
Calculate the amount of dividends declared during 20x8 on the nonconvertible preferred stock.
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