A corporation with both preferred stock and common stock declares a dividend amounting to $70,000....
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Accounting
A corporation with both preferred stock and common stock declares a dividend amounting to $70,000. The preferred stock is participating and is entitled to an 8% dividend based on its par value of $100. There are 2,000 shares of preferred stock, and 5,000 shares of common stock, eligible for dividends. Calculate the distribution of dividends
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