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Brief Exercise 18-11 Effect of preferred stock on dividends [LO18-7] The shareholders equity of MLS...

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Accounting

Brief Exercise 18-11 Effect of preferred stock on dividends [LO18-7]

The shareholders equity of MLS Enterprises includes $220 million of no par common stock and $440 million of 5% cumulative preferred stock. The board of directors of MLS declared cash dividends of $52 million in 2018 after paying $18 million cash dividends in both 2017 and 2016. What is the amount of dividends common shareholders will receive in 2018? (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

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