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Outstanding stock of the Colt Corporation included 20,000 shares of $5 par common stock and 5,000 shares of 5%,$10 par noncumulative preferred stock.In 2009,Clot declared and paid dividends of $2,000.In 2010,Clot declared and paid dividends of $6,000.How much of the 2010 dividend was distributed to preferred shareholders?

A)$3,000

B)$3,500

C)$2,500

D)None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969696

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