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Torino Company has 2,500 shares of $50 par value, 50% cumulative and nonparticipating preferred stock and 25,000 shares of $10 par value common stock outstanding

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Torino Company has 2,500 shares of $50 par value, 50% cumulative and nonparticipating preferred stock and 25,000 shares of $10 par value common stock outstanding The company paid total cash dividends of $6,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is

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