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Colson Inc. declared a $230,000 cash dividend. It currently has 12,000 shares of 5%, $100 par value noncumulative preferred stock outstanding. It is one year

Colson Inc. declared a $230,000 cash dividend. It currently has 12,000 shares of 5%, $100 par value noncumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Colson distribute to the common stockholders?

$110,000

$120,000

$170,000

None

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