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Halverstein Company's outstanding stock consists of 8,050 shares of cumulative 5% preferred stock with a $10 par value and 3,450 shares of common stock with
Halverstein Company's outstanding stock consists of 8,050 shares of cumulative 5% preferred stock with a $10 par value and 3,450 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.
Dividend Declared | ||
Year 1 | $ | 0 |
Year 2 | $ | 6,900 |
Year 3 | $ | 32,000 |
The amount of dividends paid to preferred and common shareholders in Year 2 is:
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