Vangaurd Corporation's December 31, 2019 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000 shares authorized; 15,000 shares issued $ 300,000 Common stock, $10 par value, 2,000,000 shares authorized3; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Paid-in capital in excess of par-preferred stock 60,000 Paid-in capital in excess of par-common stock 27,000,000 Retained earnings 7,500,000 Treasury stock (30,000 shares) 630,000 Vangaurd declared and paid a $96,000 cash dividend on December 15, 2019. If the company's dividends in arrears prior to that date were $20,000, Vangaurd's common stockholders received Select one: a. $44,000. b. $76,000. c. $0 d. $52,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Vangaurd Corporation's December 31, 2019 balance sheet showed the following:
8% preferred stock, $20 par value, cumulative, 20,000 shares
authorized; 15,000 shares issued
$ 300,000
Common stock, $10 par value, 2,000,000 shares authorized;
1,950,000 shares issued, 1,920,000 shares outstanding
19,500,000
Paid-in capital in excess of par-preferred stock
60,000
Paid-in capital in excess of par-common stock
27,000,000
Retained earnings
7,500,000
Treasury stock (30,000 shares)
630,000
Vangaurd declared and paid a $96,000 cash dividend on December 15, 2019. If the company's dividends in
arrears prior to that date were $20,000, Vangaurd's common stockholders received
Select one:
a. $44,000.
b. $76,000.
C. $0
d. $52,000
Transcribed Image Text:Vangaurd Corporation's December 31, 2019 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 20,000 shares authorized; 15,000 shares issued $ 300,000 Common stock, $10 par value, 2,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Paid-in capital in excess of par-preferred stock 60,000 Paid-in capital in excess of par-common stock 27,000,000 Retained earnings 7,500,000 Treasury stock (30,000 shares) 630,000 Vangaurd declared and paid a $96,000 cash dividend on December 15, 2019. If the company's dividends in arrears prior to that date were $20,000, Vangaurd's common stockholders received Select one: a. $44,000. b. $76,000. C. $0 d. $52,000
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