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Home Q & A Board Other Fields Homework Help Business Accounting
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tivo tivo
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7 years ago
Sonny's Sails has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of $20-par, 6% preferred stock and 10,000 shares of $15-par common stock. The preferred stock is non-cumulative. How much will be distributed to the preferred and common stockholders on the date of payment?
A) $40,000 preferred, $0 common
B) $0 preferred, $40,000 common
C) $34,000 preferred, $6,000 common
D) $6,000 preferred, $34,000 common
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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antonio_johnantonio_john
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Massachusetts Institute of Technology
-- Accounting

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tivo Author
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#2
7 years ago
I appreciate it once again, answered correctly
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