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What amount of preferred dividends are in arrears

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Question - On January 1, 2016, Warhol Company issued 5,000 shares of 10%, $100 par value, cumulative preferred stock for $600,000. No preferred dividends were declared in 2016 and 2017. On December 30, 2018, the Board declared $30,000 in dividends. What amount, if any, of preferred dividends are in arrears as of December 31, 2018?

Reference no: EM133188858

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