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Question 7 : Adham Corporation was organized on January 1 , 2 0 1 9 . During its first year, the corporation issued 6 0

Question 7:
Adham Corporation was organized on January 1,2019. During its first year, the
corporation issued 60,000 shares of $50 par value preferred stock and 220,000 shares
of $5 par value common stock. At December 31, the company declared the following
cash dividends:
Required:
Show the allocation of dividends to each class of stock, assuming that the
preferred stock is 9% and not cumulative.
Show the allocation of dividends to each class of stock, assuming that the
preferred stock is 10% and cumulative.
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