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Determine the allocation of the dividend to preferred and

Conger Inc. declares a $45,000 cash dividend on December 31, 2010.The required annual dividend on preferred stock is $10,000. Determine the allocation of the dividend to preferred and common stockholders assuming the preferred stock is cumulative and dividends are 1 year in arrears.

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Accounting Basics: Determine the allocation of the dividend to preferred and

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