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What was the amount of dividends payable

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Question - Boone Corporation's outstanding capital stock on December 15 consisted of the following:

-30,000 shares of 5% cumulative preferred stock, par value $10 per share, fully participating as to dividends. No dividends were in arrears.

-200,000 shares of common stock, par value $1 per share.

On December 15, Boone declared dividends of $100,000. What was the amount of dividends payable to Boone's common stockholders?

Reference no: EM133101662

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