The Maclellan Group last paid a dividend n 2014 in the amount of $8,000. It has $20 par, 6 percent cumulative preferred stock, 10,000 shares issued and outstanding, as well as $10 par, 6 percent common stock, 20,000 shares issued and outstanding. The preferred shareholders participate at a rate of 2 percent when common dividends are paid. In 2015 a cash dividend of $80,000 was declared. What is the remaining amount paid o common shareholders after all prior dividends have been paid?

The Maclellan Group last paid a dividend n 2014 in the amount of $8,000. It has $20 par, 6 percent cumulative preferred stock, 10,000 shares issued and outstanding, as well as $10 par, 6 percent common stock, 20,000 shares issued and outstanding. The preferred shareholders participate at a rate of 2 percent when common dividends are paid. In 2015 a cash dividend of $80,000 was declared. What is the remaining amount paid o common shareholders after all prior dividends have been paid?

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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