Reference no: EM132574586
Norton Corporation has the following shareholders equity on September 30, 2021:
Shareholders' equity
Share capital
$10 preferred shares, cumulative
?10,000 shares authorized, 5,000
shares issued$5,000,000
Common shares,
?200,000 shares authorized, 10,000 shares issued 200,000?
Total share capital 5,200,000
Retained earnings 570,000
Total shareholders' equity $5,770,000
Question 1: On September 15, 2021, Norton Corporation declared a $170,000 dividend to be paid on October 15 to shareholders of record on September 30. Assuming that the preferred dividends have NOT been paid since 2019, the total amount of the dividend paid to the preferred shareholders in 2021 would be
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