QUESTION 9

1. Norton Corporation has the following shareholders equity on September 30, 2021:
3. Shareholders' equity
4. Share capital
5. $10 preferred shares, cumulative
6. 10,000 shares authorized, 5,000 shares issued$5,000,000Common shares,
7. 200,000 shares authorized, 10,000 shares issued200,000Total share capital5,200,000Retained earnings570,000Total shareholders' equity$5,770,000On September 15, 2021, Norton Corporation declared a $170,000 dividend to be paid on October 15 to shareholders of record on September 30. Assuming that the preferred dividends have NOT been paid since 2019, the total amount of the dividend paid to the preferred shareholders in 2021 would be

$50,000

1. $0.
2. $150,000.
3. $170,000.