Drabo corporation was authorized to issue 10000 shares of 8

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Drabo Corporation was authorized to issue 10,000 shares of 8% cumulative preferred stock with a par value of $10. For the past two years, 5,000 shares have been outstanding and no dividends have been paid to preferred stockholders. If a $20,000 dividend was declared in the current year, how much of the dividend would be paid to preferred stockholders?

Reference no: EM13484138

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