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A company has 10,000 shares of 6%, $100 par preferred stock outstanding. In addition, the...

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Accounting

A company has 10,000 shares of 6%, $100 par preferred stock outstanding. In addition, the company has 100,000 shares of common stock outstanding. The company started business on January 1 of Year 1. Total cash dividends paid during Year 1 and Year 2 were $45,000 and $100,000, respectively. Compute the total dividends paid to preferred shareholders in both years assuming that the preferred stock is cumulative

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