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What is the amount of dividends in arrears

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Cumulative preferred stockholders of Rale Company receive $.80 per share. The company has 70,000 shares outstanding. For the last 9 years, Rale paid no dividends. This year, Rale paid $400,000 in dividends. What is the amount of dividends in arrears that is still owed to preferred stockholders?

Reference no: EM133122569

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