Orleans Company was incorporated on January 1,2012.Orleans issued 4,000 common shares and 500 preferred shares on that date.The preferred shares are cumulative,with an $8 dividend.Orleans has not paid any dividends yet.In 2017,Orleans had its first profitable year,and on November 1,2017,Orleans declared a total dividend of $28,000.What is the total amount that will be paid out to common shareholders?
A) $4,000
B) $16,000
C) $12,000
D) $28,000
Correct Answer:
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