The Long Island Ducks has stock outstanding as follows: 12,000 shares of cumulative preferred 2%...
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The Long Island Ducks has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock. $150 par and 50,000 shares of $10 par common. During the first four years of operations, the following were distributed as dividends: first year, $27,000; second year, $60,000; third year, $80,000; fourth year $90,000.
Determine the amount of dividends allocated to preferred stockholders and to common stockholders for each of the four years.
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