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On December 31, 2018, Adelphi Corporation has outstanding 1,000 shares of $100 par value, 5% cumulative and nonparticipating preferred stock, and 20,000 shares of $10 par value common stock. Preferred dividends were paid in 2016 but were not paid in 2017. During 2018, Alpha distributed $40,000 in dividends.
Question 1: Use this information to determine for 2018 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.
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