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Calculating the common stockholders

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Torino Company has 2,600 shares of $20 par value, 5.5% cumulative and nonparticipating preferred stock and 26,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $2,500 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:

  • $360.
  • $3,220.
  • $2,860.
  • $2,500.
  • $5,720.

Reference no: EM13974003

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