Toonces, Inc. has outstanding 600,000 shares of $2 par common stock and 120,000 shares of no-par 6%
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Question:
Toonces, Inc. has outstanding 600,000 shares of $2 par common stock and 120,000 shares of no-par 6% preferred stock with a stated value of $5. The preferred stock is cumulative and nonparticipating. Dividends have been paid in every year except the past two years and the current year.
Assuming that $225,000 will be distributed as a dividend in the current year, how much will the common stockholders receive?
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