Question: Encore Inc. declared an $ 8 0 , 0 0 0 cash dividend. It currently has 3 , 0 0 0 shares of 7 %

Encore Inc. declared an $80,000 cash dividend. It currently has 3,000 shares of 7%,$100 par value cumulative preferred stock
outstanding. It is one year in arrears on its preferred stock. How much cash dividends will Encore distribute to the common
stockholders?
$38,000
$42,000
$59,000
None of these answer choices are correct
Encore Inc. declared an $80,000 cash dividend. It currently has 3,000

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