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Cheyenne Corporation issued $103,000$ shares of $$20$ par value, cumulative, $8\%$ preferred stock on January $1,2021,$ for $$2,590,000.$ In

December $2023,$ Cheyenne declared its first dividend of $$720,000.($c$)$

Your answer is incorrect.

If the preferred stock is cumulative, how much of the $$720,000$ would be paid to common stockholders?

Common Stock Dividends

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