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What amounts were payable on each class of stock

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Question - At December 31, 20x0 and 20x1, Carr Corp. had outstanding 4,000 shares of 100 par value 6% cumulative preferred stock and 20,000 shares of 10 par value common stock. At December 31, 20x0, dividends in arrears on the preferred stock were 12,000. Cash dividends declared in 20x1 totaled 44,000. Of the 44,000, what amounts were payable on each class of stock? Show the solution and explain.

Reference no: EM132769998

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