(Answered) A company has 6500 shares of 50 par value 500 cumulative

Accounting

A company has 6,500 shares of $50 par value, 5.00% cumulative and nonparticipating preferred stock and 65,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $6,500 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is

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