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Question(s) / Instruction(s):

A corporation had the following stock outstanding when the company's board of directors declared a $95,000 cash dividend during the current year:  Preferred stock $100 par 6%, 5,000 shares issued            $500,000

Common stock $10 par, 75,000 shares issued                                                                      $ 750,000

Required:

Allocate the cash dividend between the preferred and common stockholders assuming the preferred stock is cumulative and nonparticipating and dividends are one year in arrears.

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