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Prime Sports has 11,000 shares $10 par value 7% cumulative, nonparticipating, preferred stock outstanding. Prime Sports also has $44,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, Prime Sports paid cash dividends of $55,000. This dividend should be distributed as follows:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M965471

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