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7) Out of Africa, a multi-national corporation had a very successful year. The...

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Accounting

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7) Out of Africa, a multi-national corporation had a very successful year. The board of directors declared and paid a cash dividend of $50,000. The prior year, Out of Africa did not pay dividends on its 400 shares of cumulative, 8%, $100 par, preferred stock. How much of the cash dividend was paid to the COMMON shareholders? (5 points)

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