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Washington Company had 100,000 common shares and 20,000 preferred shares at the end of the year just completed. Preferred shareholders received total dividends of $140,000.
Washington Company had 100,000 common shares and 20,000 preferred shares at the end of the year just completed. Preferred shareholders received total dividends of $140,000. Common shareholders received total dividends of $210,000. If the dividend payout ratio for the year was 70%, what was the net income for the year?
A) $147,000.
B) $287,000.
C) $300,000.
D) $440,000.
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