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  1. business
  2. accounting
  3. cullumber, inc. has $500,000,$1.00, no par value p

Cullumber, Inc. has $500,000,$1.00, no par value preferred shares (50,000 shares) and $1,000,000 of no...

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Accounting

Cullumber, Inc. has $500,000,$1.00, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2021 and 2022. The company wants to distribute $663,250 in dividends on December 31, 2023.

c) Calculate the amount of dividends to be paid to each group of shareholders (i.e., preferred and common), assuming the preferred shares are cumulative and fully participating. (Round of to 3 decimal places)

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