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Outstanding stock of the Larson Corporation included 40,000 shares of $5 par common stock and 10,000 shares of 5%, $10 par noncumulative preferred stock. In 2019, Larson declared and paid dividends of $4,000. In 2020, Larson declared and paid dividends of $12,000. How much of the 2020 dividend was distributed to preferred shareholders
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Outstanding stock of the Larson Corporation included 40,000 shares of $5 par common stock and 10,000...
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