Vega Corporation's December 31, 2015 balance sheet showed the following: 8% preferred...
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Accounting
Vega Corporation's December 31, 2015 balance sheet showed the following:
| 8% preferred stock, $20 par value, cumulative, 10,000 shares |
| authorized; 7,500 shares issued | $ 150,000 |
| Common stock, $10 par value, 1,000,000 shares authorized; |
| 975,000 shares issued, 960,000 shares outstanding | 9,750,000 |
| Paid-in capital in excess of parpreferred stock | 30,000 |
| Paid-in capital in excess of parcommon stock | 13,500,000 |
| Retained earnings | 3,750,000 |
| Treasury stock (15,000 shares) | 315,000 |
Vega declared and paid a $58,000 cash dividend on December 15, 2015. If the company's dividends in arrears prior to that date were $10,000, Vega's common stockholders received
| A. | $48,000. | |
| B. | $36,000. | |
| C. | $22,000. | |
| D. | no dividend. |
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