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Ultimate Sportswear has $180,000 of 7% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $580,000 of common stock outstanding In the company's first year
Ultimate Sportswear has $180,000 of 7% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $580,000 of common stock outstanding In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $38,000. This dividend should be distributed as follows: Multiple Choice $9,500 preferred; $28,500 common. 19.000 preferred: $19,000 common. $12,600 preferred; $25,400 common. $0 preferred: $38.000 common
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