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Eggplant Corp. issued 2,000,000 shares of $5 par value, 6% cumulative preferred stock on January 1, 2017 for $11,300,000. In December 2019, Eggplant declared its
Eggplant Corp. issued 2,000,000 shares of $5 par value, 6% cumulative preferred stock on January 1, 2017 for $11,300,000. In December 2019, Eggplant declared its first dividend of $2,000,000. How much will be paid to preferred shareholders and how much will be paid to common shareholders? Show your calculations and label each item.
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