Reference no: EM133106210
Question - Sweet Acacia Limited has the following information available regarding its share capital at December 31, 2020:
Preferred shares, $3.50 cumulative, 19,200 shares issued $960,000
Preferred shares, $4.50 noncumulative, 12,800 shares issued 640,000
Common shares, 290,000 shares issued 1,450,000
The shares were issued when the corporation began operations on January 1, 2019. No dividends were declared during 2019 and 2020. On October 30, 2021, the board of directors declares the required preferred share dividends and a $0.50 dividend for each of the common shares. The dividends are payable on December 1, 2021, to the shareholders of record on November 16, 2021.
Required - How much will be paid to each class of shares?
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