Question 17 Sleep Corporation was organized on January 1, 2017. During its first year, the corporation...

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Question 17 Sleep Corporation was organized on January 1, 2017. During its first year, the corporation issued 40,000 shares o

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Answer 1

Answer #1

Annual preferred dividends = Number of preferred shares x Par value per preferred share x Dividend rate

= 40,000 x 5 x 4%

= $8,000

	Preferred	Common	Total
2017	$6,000	0	$6,000
2018	$8,000	$22,000	$30,000
2019	$8,000	$52,000	$60,000

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