5 Perry Corporation was established on January 1. Year 1 when it issued 20,000 shares of $50 per, 5 percent, cumulative preferred stock and 30,000 shares of $10 par value common stock. The company's earnings history is as follows Year 1 $ 40,000 Net loss Year 2 $110,000 Net indc Year 3 $120,000 Net income The corporation paid the maximum amount of dividends possible in each stockholders at the end of Year 2 is year of operation. The dividend paid to preferred Multiple Choice Prev 451015 Next >