Dividend should be distributed as

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Reference no: EM13154304

Ten Sports has $70,000 of 9% noncumulative, nonparticipating, preferred stock outstanding. Ten Sports also has $35,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:

Reference no: EM13154304

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