Problem: Acton Corporation had the following stock outstanding for years 20x5 through 20x8:
Preferred Stock-$100 par value, 7 percent cumulative, 10,000 shares authorized 5,000 shares issued and outstanding.
Common Stock-$20 par value, 10,000 shares authorized 7,000 shares issued and outstanding.
Acton paid $20,000, $30,000, and $100,000 in cash dividends during 20x5, 20x6, and 20x7.
Calculate the total cash dividends received by owners of common stock in 2007.
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