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A firm has the following stock holders' equity balances: common stock at par $400,000 paid in capital in excess of par $1,200,000 retained earnings 2,000,000

A firm has the following stock holders' equity balances: common stock at par $400,000 paid in capital in excess of par $1,200,000 retained earnings 2,000,000 In states where the firms' legal capital is defined as the par value of its common stock the maximum cash dividend the firm?

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