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The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock-5%, $100 par, 5,200 shares outstanding Common stock-$10 par, 60,000
The stockholders' equity section of Lemay Corporation shows the following on December 31, 2018: Preferred stock-5%, $100 par, 5,200 shares outstanding Common stock-$10 par, 60,000 shares outstanding Paid-in capital in excess of par Retained earnings Total stockholders' equity $520,000 600,000 210,000 104,400 $1,434,400 Assuming that all of the company's retained earnings are to be paid out in dividends on 12/31/18 and that preferred dividends were last paid on 12/31/16, show how much the preferred and common stockholders should receive if the preferred stock is cumulative and fully participating. Preferred stockholders Common stockholders
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