National Health corporation (NHC) has a cumulative preferred stock issue outstanding, which has a stated annnual dividend of $8 per...

National Health corporation (NHC) has a cumulative preferred stock issue outstanding, which has a stated annnual dividend of $8 per share. The company has been losing mone and has not paid preferred dividends for the last five years. There are 350,000 shares of preferred stock outstanding and $650,000 shares of common stock