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Preferred stock

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PREFERRED STOCK

Wade's outstanding stock consists of 40,000 shares of 7.5% cumulative and participating preferred stock with a $10 par value and also 100,000 shares of common stock with a $1 par value. During its first four years of operations, the corporation declared and paid the following total cash dividends.

2011 $ 20,000

2012 24,000

2013 100,000

2014 196,000

Required: Determine the amount of dividends paid each year to each of the two classes of stockholders. Pay attention to the type of preferred stock in this assignment; it is NOT just cumulative, it is cumulative and participating.

Reference no: EM13746355

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