Reference no: EM132741860
Question: Nance Corporation's December 31, 2017 balance sheet showed the following:
6% preferred stock, $20 par value, cumulative,
30,000 shares authorized; 20,000 shares issued $ 400,000
Common stock, $10 par value, 3,000,000 shares authorized;
1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000
Paid-in capital in excess of par value - preferred stock 60,000
Paid-in capital in excess of par value - common stock 28,000,000
Retained earnings 9,650,000
Treasury stock (30,000 shares) 630,000
Nance declared and paid a $90,000 cash dividend on December 15, 2017. If the company's dividends in arrears prior to that date were $24,000. Nance's common stockholders received.
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