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show work please and calculations DIVIDENDS ON PREFERRED SHARES Craft Industries balance sheet included the following: The board of directors declared cash dividends of $360,000,$500,000,

show work please and calculations

DIVIDENDS ON PREFERRED SHARES Craft Industries balance sheet included the following: The board of directors declared cash dividends of $360,000,$500,000, and $700,000 in 2022, 2023, and 2024, respectively. Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming the preferred stock is cumulative

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