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How much each class of shares receive dividends

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Question - In each of the following independent cases, it is assumed that the corporation has outstanding 20,000, $ 0.80, preferred shares, with a carrying value of $ 200,000, and 80,000 common shares, with a carrying value of $ 800,000. Although dividends have been paid regularly up to 2017, no dividends were declared in 2018 or 2019.

Required - At December 31, 2020, the board of directors wants to distribute $ 200,000 in dividends. How much each class of shares receive dividends if preferred shares are non-cumulative but participating?

Reference no: EM132793610

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