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Dedrick Inc. did not pay dividends in 2018 or 2019, even though 49,400 shares of...

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Question

Accounting

Dedrick Inc. did not pay dividends in 2018 or 2019, even though 49,400 shares of its 8.7%, $60 par value cumulative preferred stock were outstanding during those years. The company has 223,000 shares of $2 par value common stock outstanding.

Required:

Calculate the annual dividend per share obligation on the preferred stock. (Round your answer to 2 decimal places.)

Calculate the amount that would be received by an investor who has owned 190 shares of preferred stock and 580 shares of common stock since 2017 if a $0.60 per share dividend on the common stock is paid at the end of 2020. (Do not round intermediate calculations.)

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