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11. Flooring, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2022. The board of directors declared and paid a $3,000 dividend in 2021. In 2022, $18,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2022?

11. Flooring, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2022. The board of directors declared and paid a $3,000 dividend in 2021. In 2022, $18,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2022?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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11. Flooring, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2022. The board of directors declared and paid a $3,000 dividend in 2021. In 2022, $18,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2022?
Transcribed Image Text:11. Flooring, Inc. has 2,500 shares of 4%, $50 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2021, and December 31, 2022. The board of directors declared and paid a $3,000 dividend in 2021. In 2022, $18,000 of dividends are declared and paid. What are the dividends received by the preferred and common shareholders in 2022?
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