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Concord Inc. declared a $83000 cash dividend. It currently has 4500 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year

Concord Inc. declared a $83000 cash dividend. It currently has 4500 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Concord distribute to the common stockholders? $29000. $54000. $56000. O None of these answers are correct

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