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Arundel Corporation has 7,000 shares of 6% $100 par cumulative preferred stock outstanding. Arundel paid...

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Accounting

Arundel Corporation has 7,000 shares of 6% $100 par cumulative preferred stock outstanding. Arundel paid all preferred dividends due for the year 2019 but paid no dividends in 2020. What amount will Arundel need to pay preferred shareholders in 2021 if they wish to pay a dividend to common shareholders? Enter your answer as a whole number (no cents).

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