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Find the amount that must be paid to preferred shareholders

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Question - Zach Sports Ltd has 1,000 shares of $5.50, cumulative preferred shares and 10,000 common shares issued and outstanding. In the previous year (which was the first year of operations), the company paid total dividends of $1,000. Find the amount that must be paid to the preferred shareholders in the current year before any dividend is paid to common shareholders?

a. $1,000

b. $3,500

c. $4,500

d. $10,000

e. $12.000

Reference no: EM132601666

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