Solved: The board of directors declares and pays a 45000 dividend, Accounting Basics

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The board of directors declares and pays a 45000 dividend

Question - Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2010. There were no dividends declared in 2009. The board of directors declares and pays a $45,000 dividend in 2010. What is the amount of dividends received by the common stockholders in 2010?

a. $0

b. $25,000

c. $45,000

d. $20,000

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Accounting Basics: The board of directors declares and pays a 45000 dividend

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