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Lightfoot Inc., a software development firm, has stock outstanding as follows: 50,000 shares of cumulative...

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Accounting

Lightfoot Inc., a software development firm, has stock outstanding as follows: 50,000 shares of cumulative preferred 1% stock, $120 par and 101,000 shares of $160 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $44,000; second year, $66,000; third year, $78,000; fourth year, $121,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

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