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Dallas Sports Ltd has 100 shares of $15, noncumulative, preferred shares outstanding, and $160,000 of...

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Accounting

Dallas Sports Ltd has 100 shares of $15, noncumulative, preferred shares outstanding, and $160,000 of common shares outstanding. In the company's first year of operation, no dividends were paid, but during the second year Dallas Sports paid dividends of $24,000. The dividend should be distributed as follows: -$1,500 preferred; $22,500 common. -$12,000 preferred; $12,000 common. -$3,000 preferred; $21,000 common. -$7,000 preferred; $7,000 common. -$1,400 preferred; $12,600 common.

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