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Gracey's Department Stores has $220,000 of 7% noncumulative, preferred stock outstanding. Gracey's also has $620,000 of common stock outstanding. During its first year, the company
Gracey's Department Stores has $220,000 of 7% noncumulative, preferred stock outstanding. Gracey's also has $620,000 of common stock outstanding. During its first year, the company paid cash dividends of $50,000. This dividend should be distributed as follows: $25,000 preferred; $25,000 common. $0 preferred; $50,000 common. $50,000 preferred; $0 common. $19,200 preferred; $30,800 common. $15,400 preferred; $34,600 common
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