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Lightfoot Inc., a software development firm, has stock outstanding as follows: 42,000 shares of cumulative preferred 1% stock, $135 par and 93,000 shares of $165
Lightfoot Inc., a software development firm, has stock outstanding as follows: 42,000 shares of cumulative preferred 1% stock, $135 par and 93,000 shares of $165 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $33,000; second year, $68,000; third year, $78,000; fourth year, $123,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below
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