Determine the total amount of dividends that must be paid

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Question - Blue Ltd. is authorized to issue 10,000, $4 noncumulative preferred shares. On January 13, it issued 4,300 preferred shares for $80 cash per share.

Prepare the journal entry to record the transaction.

Determine the total amount of dividends that must be paid to the preferred shareholders prior to paying a dividend to common shareholders.

Reference no: EM132836840

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