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Ten Sports has $70,000 of 9% noncumulative, nonparticipating, preferred stock outstanding. Ten Sports also has $35,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Ten Sports paid cash dividends of $50,000. This dividend should be distributed as follows:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9444441

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