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Farnsworth Inc. declared a $450,000 cash dividend. It currently has 10,000 shares of 8%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Farnsworth distribute to the common stockholders?

a) $290,000

b) $370,000

c) $160,000

d) $450,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947447

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