How much each class of shares should receive if preferred

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Question: The outstanding share capital of Flounder Corporation consists of 3,135 preferred shares and 7,125 common shares for which $256,500 was received. The preferred shares carry a dividend of $6 per share and have a $100 stated value. Assuming that the company has retained earnings of $84,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are non-cumulative and non-participating. Preferred Common Total Dividends

Reference no: EM133373295

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