Outstanding stock of the Vaughn Corporation included 21300 shares of $5 par common stock and 5500 shares of 7%, $10 par noncumulative preferred stock. In 2019, Vaughn declared and paid dividends of $2500. In 2020, Vaughn declared and paid dividends of $650O. How much of the 2020 dividend was distributed to preferred shareholders?

Outstanding stock of the Vaughn Corporation included 21300 shares of $5 par common stock and 5500 shares of 7%, $10 par noncumulative preferred stock. In 2019, Vaughn declared and paid dividends of $2500. In 2020, Vaughn declared and paid dividends of $650O. How much of the 2020 dividend was distributed to preferred shareholders?

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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Outstanding stock of the Vaughn Corporation included 21300 shares of $5 par common stock and
5500 shares of 7%, $10 par noncumulative preferred stock. In 2019, Vaughn declared and paid
dividends of $2500. In 2020, Vaughn declared and paid dividends of $6500. How much of the 2020
dividend was distributed to preferred shareholders?
$2500
$4000
$3850
None of these answer choices are correct

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