Question: Gracey's Department Stores has $ 2 1 5 , 0 0 0 of 6 % noncumulative, preferred stock outstanding. Gracey's also has $ 6 1

Gracey's Department Stores has $215,000 of 6% noncumulative, preferred stock outstanding. Gracey's also has $615,000 of common stock outstanding. During its first year, the company paid cash dividends of $45,000. This dividend should be distributed as follows:
Gracey's Department Stores has $ 2 1 5 , 0 0 0 of

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