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5. The board of directors of Pop Co. desires to pay $40,000 of dividends to its common shareholders when two years of dividends are
5. The board of directors of Pop Co. desires to pay $40,000 of dividends to its common shareholders when two years of dividends are in arrears on 1,000 shares of $20 par, 10% cumulative preferred stock. How much total dividends must be declared? Show computation to get possible partial points (3 points). I
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