6. The X Company has the following stock outstanding: 6% Preferred stock, $100 par value, cumulative $400,000 Common stock, $50 par value $600,000 Preferred stock dividends are in arrears for 2005 and 2004. If the company declares and pays $75,000 in dividends in 2006, the amount received by the preferred stockholders would be a. $24,000. b. $48,000. c. $72,000. d. $75,000. 7. On July 1, 2007, Tow Enterprises sold equipment with an original cost of $95,000 for $50,000. The equipment was purchased January 1, 2006, and was depreciated using the straight-line method assuming a five year useful life and $5,000 salvage value. The necessary entries for 2007 include a a. debit to Accumulated Depreciation