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Question 2 thank you ABC corporation widely held, public company. Information about...

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Accounting

Question 2 thank you
ABC corporation widely held, public company. Information about its shareholders
equity is as follows
ABCCO.
Shareholder's equity
Dec 31,20x1
Preferred shares, no par value, $8. Issued and outstanding 1,000
Common shares, no par, 20,000 authorized, 6,000 issued and outstanding 180,000
Retained earnings
Required:
Assuming that on August 8,20X1 the board of directors declared dividends in the
amount of $100,000, for the date of record Sept 10,20x1 to be paid on Nov 1,
20x1.
Determine how much each class of shares should receive dividends (Common &
preferred); noting there are 2 years preferred dividend in arrears under the
following independent assumptions:
Preferred shares are non-cumulative and non-participating
Preferred shares are cumulative but non-participating
Preferred shares are non-cumulative but participating
Preferred shares are cumulative and participating
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