Sweet Company’s outstanding stock consists of 1,600 shares of noncumulative 4% preferred stock with a $100...

Sweet Company’s outstanding stock consists of 1,600 shares of noncumulative 4% preferred stock with a $100 par value and 11,600 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends. Dividends Declared & Paid Year 1 $ 3,600 Year 2 $ 9,200 Year 3 $ 40,000

The total amount of dividends paid to preferred and common shareholders over the three-year period is:

Multiple Choice $15,600 preferred; $37,200 common.

$12,800 preferred; $40,000 common.

$19,200 preferred; $33,600 common.

or

$6,400 preferred; $46,400 common.

Expert Solution

ekkarill92 answered 1 year ago

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