Xyz company began operations in january 2004 by issuing

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XYZ Company began operations in January, 2004, by issuing 3,500 shares of 8%, cumulative, $50 par value preferred stock and 8,000 shares of $7 par value common stock. XYZ Company paid $17,000 of dividends in 2004, they paid $6,000 of dividends in 2005 and $17,000 of dividends in 2006. In 2007, XYZ Company paid $50,000 of dividends to its stockholders. Calculate the amount of the $50,000 dividend paid in 2007 that was paid to common stockholders.

Reference no: EM13582590

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