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ABC Ltd.. has outstanding 100,000 no par common shares and 20,000 no par, $0.40 , preferred shares issued at $5 each. The preferred shares are

ABC Ltd.. has outstanding 100,000 no par common shares and 20,000 no par, $0.40, preferred shares issued at $5 each. The preferred shares are cumulative and non-participating. Dividends have been paid every year except the past two years and the current year. Assuming that $31,000 will be distributed as a dividend in the current year, how much will the preferred shareholders receive?

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