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Ortiz Manufacturing has 10,000 shares of 7%, $50 par value Preferred Stock outstanding as of...

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Accounting

Ortiz Manufacturing has 10,000 shares of 7%, $50 par value Preferred Stock outstanding as of December 31, 2018. At December 31, 2018 the company declares a $150,000 cash dividend. The preferred stock is cumulative, and the company did not pay a dividend in the previous two years. Determine the dividend paid to preferred stockholders and common stockholders.

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