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MC Qu. 149 Ultimate Sportswear... Ultimate Sportswear has $290,000 of 6% noncumulative, nonparticipating, preferred stock...

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Accounting

MC Qu. 149 Ultimate Sportswear...

Ultimate Sportswear has $290,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $690,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $49,000. This dividend should be distributed as follows:

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