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Novak Corporation issued 170,000, $4.90 cumulative preferred shares to fund its first investment in wind...

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Accounting

Novak Corporation issued 170,000, $4.90 cumulative preferred shares to fund its first investment in wind generators. In its first year of operations, it paid $357,000 of dividends to its preferred shareholders. In its second year, the company paid dividends of $1,309,000 to its preferred shareholders.

What is the total annual preferred dividend supposed to be for the preferred shareholders?

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