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Permeable Boats, Inc. has 20,000 shares of $100 par value 6% cumulative preferred stock outstanding. Permeable's board of directors did not declare preferred dividends during

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Permeable Boats, Inc. has 20,000 shares of $100 par value 6% cumulative preferred stock outstanding. Permeable's board of directors did not declare preferred dividends during 2016 and 2017. In 2018, how much in dividends must be paid to the preferred shareholders before the common shareholders can be paid a dividend

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