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Calculate amount of dividends paid to preferred shareholders

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Question - Halverstein Company's outstanding stock consists of 7,000 shares of cumulative 5% preferred stock with a $10 par value and 3,000 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

Dividend Declared

Year 1 $0

Year 2 $6,000

Year 3 $32,000

Calculate the amount of dividends paid to preferred and common shareholders in Year 2?

Reference no: EM132178842

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