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Question
outstanding stock of the west corporation included 20,000 shares of $5 par common stock and 5,000 shares of 6%, $10 par non-cumulative preferred stock. in 2011, west declared and paid dividends of $2,000. in 2012, west declared and paid dividends of $6,000. how much of the 2012 dividend was distributed to preferred shareholders?
a.$4,000
b.$7,000
c.$3,000
d.none of the above
Answer
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