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Koon Corporation has the following stock outstanding: 5% preferred, $100 par $1200000 Common Stock, $50 par $2000000 No dividends were paid the previous 2 years.

Koon Corporation has the following stock outstanding:

5% preferred, $100 par $1200000

Common Stock, $50 par $2000000

No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in the current year, how much will preferred Stockholder's receive if the preferred stock is cumulative?

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