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Crane, Inc., has 9000 shares of 4%, $100 par value, noncumulative preferred stock and 90000 shares of $1 par value common stock outstanding at December 31, 2021. If the board of directors declares a $199000 dividend, the O $36000 will be held as restricted retained earnings and paid out at some future date. O preferred stockholders will receive the entire $199000. O preferred stockholders will receive $36000 and the common stockholders will receive $163000. O preferred stockholders will receive 1/10th of what the common stockholders will receive.

Crane, Inc., has 9000 shares of 4%, $100 par value, noncumulative preferred stock and 90000 shares of $1 par value common stock outstanding at December 31, 2021. If the board of directors declares a $199000 dividend, the O $36000 will be held as restricted retained earnings and paid out at some future date. O preferred stockholders will receive the entire $199000. O preferred stockholders will receive $36000 and the common stockholders will receive $163000. O preferred stockholders will receive 1/10th of what the common stockholders will receive.

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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Crane, Inc., has 9000 shares of 4%, $100 par value, noncumulative preferred stock and 90000 shares of $1 par value common stock outstanding at December 31, 2021. If the board of directors declares a $199000 dividend, the O $36000 will be held as restricted retained earnings and paid out at some future date. O preferred stockholders will receive the entire $199000. O preferred stockholders will receive $36000 and the common stockholders will receive $163000. O preferred stockholders will receive 1/10th of what the common stockholders will receive.
Transcribed Image Text:Crane, Inc., has 9000 shares of 4%, $100 par value, noncumulative preferred stock and 90000 shares of $1 par value common stock outstanding at December 31, 2021. If the board of directors declares a $199000 dividend, the O $36000 will be held as restricted retained earnings and paid out at some future date. O preferred stockholders will receive the entire $199000. O preferred stockholders will receive $36000 and the common stockholders will receive $163000. O preferred stockholders will receive 1/10th of what the common stockholders will receive.
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