Bates Corporation has 7 000 shares of 5 100 par cumulative
Bates Corporation has 7,000 shares of 5%, $100 par, cumulative preferred stock outstanding and 50,000 shares of $1 par common stock outstanding. If the board of directors declares $80,000 of total dividends and the company did not pay dividends the previous year, how much will the preferred and common shareholders receive?

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