(Answered) Pen inc has 15000 shares of 4 100 par value cumulative

Accounting

Pen, Inc., has 15,000 shares of 4%, $100 par value, cumulative preferred stock and 60,000 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2016 and 2017. The board of directors declares and pays a $110,000 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018?

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