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Waterway Industries has outstanding 598000 shares of $2 par common stock and 123000 shares of...

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Accounting

Waterway Industries has outstanding 598000 shares of $2 par common stock and 123000 shares of no-par 6% preferred stock with a stated value of $5. The preferred stock is cumulative and nonparticipating. Dividends have been paid in every year except the past two years and the current year. Assuming that $96000 will be distributed as a dividend in the current year, how much will the preferred stockholders receive?

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