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How much of the dividend will go to common shareholders

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Question - Company ABC is authorized to issue 10,000,000 shares of $2.50 par common stock by the state of Florida on 12/31/2008. On 1/1/2009, ABC issues 4,000,000 shares of common stock for $10 per share. In addition, they also issued 100,000 shares of $100 par 10% non-cumulative participating preferred stock. Assume that no additional shares of preferred stock are issued (or repurchased), and further that no dividends are declared in 2009, 2010, and 2011. If a $7,000,000 dividend is declared in 2012, how much of the dividend will go to common and preferred shareholders respectively?

Reference no: EM133003428

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