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The following information is provided for Bold Company for the year 2019: ...

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Accounting

The following information is provided for Bold Company for the year 2019:

  • Preferred stock, 5%, $50 par value, 1,800 shares issued and outstanding
  • Common stock, $100 par value, 2,800 shares issued and outstanding
  • Dividends in arrears for three prior years (2016-2018)
  • Total dividends declared and paid in 2019 were $58,000.

How much of the 2019 dividend payment was paid to the common stockholders assuming the preferred stock is noncumulative?

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