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Sweet Company’s outstanding stock consists of 1,400 shares of cumulative 6% preferred stock with a $100...

Sweet Company’s outstanding stock consists of 1,400 shares of cumulative 6% preferred stock with a $100 par value and 11,400 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

Dividends Declared & Paid
Year 1 $ 3,400
Year 2 $ 7,400
Year 3 $ 39,000


The amount of dividends paid to preferred and common shareholders in year 3 is:

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Answer: Year 3 Preferred Dividend $14,400 and Common shareholders dividend $24,600

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