Reference no: EM132790892
Question - Norton Corporation has the following shareholders equity on September 30, 2021:
Shareholders' equity Share capital $10 preferred shares, cumulative ?10,000 shares authorized, 5,000 shares issued $5,000,000
Common shares, ?200,000 shares authorized, 10,000 shares issued 200,000?
Total share capital 5,200,000
Retained earnings 570,000
Total shareholders' equity $5,770,000
September 15, 2021, Norton Corporation declared a $170,000 dividend to be paid on October 15 to shareholders of record on September 30. Assuming there were no dividends in arrears, determine the total amount of the dividend paid to the preferred shareholders in 2021?
A. $50,000.
B. $170,000.
C. $150,000.
D. $0.
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