Q14 ultimate sportswear has 290000 of 6 noncumulative, Ask an Expert

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Q14. Ultimate Sportswear has $290,000 of 6% noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has $690,000 of common stock outstanding. In the company's first year of operation, no dividends were paid. During the second year, the company paid cash dividends of $49,000. This dividend should be distributed as follows: $24,500 preferred; $24,500 common. $26,000 preferred; $23,000 common. $17,400 preferred; $31,600 common. $0 preferred; $49,000 common. $12,250 preferred; $36,750 common.

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