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Gap and co has 8% $100 par value noncumulative preferred stock issued ...

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Accounting

Gap and co has 8% $100 par value noncumulative preferred stock issued
and $5 par value comon stock issued. The following is the stockholders equity section
of the balance sheet at December 31, 2020:
Preferred Stock 8% $100 par value 1,000,000
Additional Paid in Capital PS 700,000
Common Stock, $5 par value 800,000
Additional paid in capital CS 400,000
Retained Earnings 2,200,000
5,100,000
On July 10th, 2021, the board of directors declared a dividend of $1,240,000
Explain how the dividend is broken down between the preferred stock and the common stock.

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