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How much of dividend will be distributed to common stock

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Question - Tommen, Inc. has the following stock issued as of December 2015: 5% Preferred Stock, $100 par, 10,000 shares issued and outstanding.

Common Stock, $5 par, 50,000 shares issued and outstanding.

The preferred stock dividend is non-cumulative. Dividends were paid in 2013, but were not paid during 2014. On December 15, 2015, Tommen declares dividends of $210,000. How much of this dividend will be distributed to Common Stock?

Reference no: EM132536312

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