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Perry Corporation was established on January 1, Year 1 when it issued 20,000 shares of...

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Accounting

Perry Corporation was established on January 1, Year 1 when it issued 20,000 shares of $50 par, 5 percent, cumulative preferred stock and 30,000 shares of $10 par value common stock. The companys earnings history is as follows: Year 1 $ 40,000 Net loss Year 2 $ 110,000 Net income Year 3 $ 120,000 Net income The corporation paid the maximum amount of dividends possible in each year of operation. The dividend paid to preferred stockholders at the end of Year 2 is

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