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The board of directors voted to distribute 40000 as

Question - The Maynard Corporation has outstanding 10,000 shares of 10 percent, $50 par-value, cumulative, nonparticipating preferred stock and 80,000 shares of $10 par-value common stock. The board of directors voted to distribute $40,000 as dividends in 2013, $55,000 in 2014, and $65,000 in 2012.

What is the total dividend paid to preferred stockholders in 2013?

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Accounting Basics: The board of directors voted to distribute 40000 as

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