Camden Corporation had 100,000 ordinary shares and 10,000 shares of 8%, $100 par convertible preference shares outstanding

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Camden Corporation had 100,000 ordinary shares and 10,000 shares of 8%, $100 par convertible preference shares outstanding during the year. Net income for the year was $400,000 and dividends were paid to both ordinary and preferred shareholders. Camden's effective tax rate is 20%. Each preferred share is convertible into 5 ordinary shares.