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  3. xyz company paid a total cash dividend of $50,000

XYZ Company paid a total cash dividend of $50,000 to its stockholders in 2004. XYZ...

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Accounting

XYZ Company paid a total cash dividend of $50,000 to its stockholders in 2004. XYZ Company did not pay dividends in 2003, its first year of operations. XYZ Company has had 400 shares of 8%, cumulative, $100 par value preferred stock and 1,000 shares of $20 par value common stock outstanding since January 1, 2003. Calculate the amount of the $50,000 dividend that was paid to common stockholders. Do not use decimals in your answer.

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