Question

Halverstein Company's outstanding stock consists of 9,450 shares of cumulative 5% preferred stock with a $10...

Halverstein Company's outstanding stock consists of 9,450 shares of cumulative 5% preferred stock with a $10 par value and 4,050 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

Dividends Declared & Paid
Year 1 $ 0
Year 2 $ 8,100
Year 3 $ 36,000



The amount of dividends paid to preferred and common shareholders in Year 2 is:

Multiple Choice

  • $4,725 preferred; $3,375 common.

  • $5,670 preferred; $2,430 common.

  • $0 preferred; $8,100common.

  • $4,050 preferred; $4,050 common.

  • $8,100 preferred; $0 common.

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