Dallas Sports Ltd has 100 shares of $15,noncumulative,preferred shares outstanding,and $160,000 of common shares outstanding.In the company's first year of operation,no dividends were paid,but during the second year Dallas Sports paid dividends of $24,000.The dividend should be distributed as follows

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Preferred shareholders are entitled to a fixed dividend before any dividends can be paid to common shareholders. The preferred shares have a par value of $15 and are noncumulative, which means that any unpaid dividends from previous years do not accumulate. In the first year of operation, no dividends were paid, so the preferred shareholders are entitled to $1,500 in dividends for the second year. The common shareholders are entitled to the remaining $22,500 in dividends.

Dallas Sports Ltd Has 100 Shares of $15,noncumulative,preferred Shares Outstanding,and