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Chazz Michael Michaels Inc. (CMMI) declared a $240,000 cash dividend. It currently has 9,000 shares of 7%, $100 par value cumulative preferred stock outstanding. It

Chazz Michael Michaels Inc. (CMMI) declared a $240,000 cash dividend. It currently has 9,000 shares of 7%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will CMMI distribute to the preferred stockholders and to the common stockholders?

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