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Show the allocation of dividends to each class of stock

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Question - Vaughn Manufacturing was organized on January 1, 2021. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 125,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,900; 2022, $12,000; and 2023, $27,500. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative.

Reference no: EM133171271

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