In recent years, the McFarlane Company had severe cash flow problems. In 20X0, the company...
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In recent years, the McFarlane Company had severe cash flow problems. In 20X0, the company suspended payment of cash dividends on common stock. In 20X1, it ceased payment on its $3 million par value 6% cumulative preferred stock. No common or preferred dividends were paid in 20X1 or 20X2. In 20X3, McFarlanes board of directors decided that $1.0 million was available for cash dividends. Compute the preferred stock dividend and the common stock dividend for 20X3
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