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Show the allocation of dividends to each class of stock

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Question - Teal Mountain Ridge Corporation was organized on January 1, 2018. During its first year, the corporation issued 49,000 shares of $5 par value preferred stock and 470,000 shares of $1 par value common stock. At December 31, the company declared the following cash dividends:

2018 $8,900

2019 $33,000

2020 $69,500

Required - Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and not cumulative.

Reference no: EM133180629

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