ABC Company began operations in January, 2021, by issuing 9,100 shares of 8%, cumulative, $85...

Name: ABC Company began operations in January, 2021, by issuing 9,
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Accounting

ABC Company began operations in January, 2021, by issuing 9,100 shares of 8%, cumulative, $85 par value preferred stock and 16,000 shares of $15 par value common stock. ABC Company paid $15,000 of dividends in 2021, they paid $64,000 of dividends in 2022, and they paid $58,000 of dividends in 2023. Calculate the total amount of dividends that ABC Company must pay in 2024 in order to pay its common stockholders a dividend of $3 per share.

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