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Mineral Co. has the following classes of stock: Preferred Stock-6%, $20 Par Value; 9,000 shares authorized, 6,000 shares issued and outstanding Common Stock-$0.50 Par Value;
Mineral Co. has the following classes of stock: Preferred Stock-6%, $20 Par Value; 9,000 shares authorized, 6,000 shares issued and outstanding Common Stock-$0.50 Par Value; 1,750,000 shares authorized, 1,000,000 shares issued and outstanding Assume the preferred stock is noncumulative and Mineral Co. passed the preferred dividend in 2021 and 2022. In 2023, the company declares cash dividends of $42,000 How much of the dividend goes to preferred Stockholders? How much goes to common stockholders?
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