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Question 6 3 pts At the beginning of 2024, Best Dental...

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Accounting

Question 6
3 pts
At the beginning of 2024, Best Dental Supplies had outstanding 2 million shares of $100 par, 5% cumulative, non-participating preferred stock and 10 million shares of $1 par common stock.
During 2024, Best declared and paid cash dividends of $36 million. No dividends had been declared or paid during 2023. On January 12, Best issued a 5% common stock dividend when the quoted market price the common stock was $20 per share.
What amount of cash dividend did Best distribute to common shareholders?
$16 million
$10 million
$20 million
$24 million
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