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Raphael Corporation s balance sheet shows the following stockholders equity section. Preferred stock 5 % cumulative, $ _ _ _ par value, 1 , 0

Raphael Corporations balance sheet shows the following stockholders equity section.
Preferred stock5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding $ 100,000
Common stock$___ par value, 4,000 shares authorized, issued, and outstanding 160,000
Retained earnings 400,000
Total stockholders\' equity $ 660,000
2. If two years preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $24,000, compute the total amount paid to (a) preferred shareholders and (b) common shareholders.

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