GMI company has 100,000 shares of ₱ 100 par value, 6%, cumulative preferred stock and 2,500,000 shares of common stock. Although no dividend was declared last year, a ₱ 7,500,000 dividend has been declared this year and is currently selling at ₱ 34.50 per share. Calculate the amount of dividends due the preferred shareholders and the dividend per share of common stock. *
₱ 2.52 per share
₱ 2.40 per share
₱ 2.22 per share