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Cash Dividends Sanders Corporation has the following shares outstanding: 6 , 0 0 0 shares of $ 5 0 par value, 6 % preferred stock
Cash Dividends
Sanders Corporation has the following shares outstanding: shares of $ par value, preferred
stock and shares of $ par value common stock. The company has $ of retained earnings.
At yearend, the company declares its regular $ per share cash dividend on the preferred stock and a
$ per share cash dividend on the common stock. Three weeks later, the company pays the dividends.
a Determine the financial statement effect of the declaration of the cash dividends.
Determine the financial statement effect of the payment of the cash dividends
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