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BONUS 5 points A corporation had the following stock outstanding when the company's board of...

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Accounting

BONUS 5 points A corporation had the following stock outstanding when the company's board of directors declared a $75,000 cash dividend in the current year:
Preferred stock, $40 par, 6%,12,500 shares issued Common stock, $10 par, 70,000 shares issued Total
Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is noncumulative.
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