Towson Corp., had 4,000 shares of $100 par, 3% cumulative preferred stock as of January 1, 2018. No additional shares of preferred stock were issued during fiscal years 2018 & 2019. Dividends were paid to common shareholders in 2017 but no shareholders were paid dividends in 2018. A total of $85,000 of dividends was paid in 2019. Use this information to determine the total dollar amount of dividends that was paid to common shareholders during fiscal year 2019.

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To determine the total dollar amount of dividends paid to common shareholders during fiscal year 201... View the full answer