Question
Sheridan Restaurant Supply Company has 9600 shares of 5%, $100 par value, cumulative preffered stock and 19200 shares of $1 par value common stock outstanding
Sheridan Restaurant Supply Company has 9600 shares of 5%, $100 par value, cumulative preffered stock and 19200 shares of $1 par value common stock outstanding at december 31, 2023, december 31 2024, and december 31 2025. There were no dividends declared in 2023. The board of directors declares and pays a $86400 dividend in 2024 and 2025. What is the amount of dividends received by the common stockholders in 2025?
A - $48000
B - $0
C - $38400
D- $28800
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
