At January 1, 20D, Clare Corporation had outstanding capital shares as shown below. During December, 20D, it declared and paid cash dividends of $48,000 to the preferred shareholders. (1) Common shares--100,000 shares outstanding
(2) Preferred shares--20,000 shares outstanding, $0.80 cumulative. The shares were issue at a price of $15 per share.
How many years were the preferred dividends in arrears?

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The Answer of At January 1, 20D, Clare Corporation had outstanding capital shares as shown below. During December, 20D, it declared and paid cash dividends of $48,000 to the preferred shareholders. (1) Common shares--100,000 shares outstanding
(2) Preferred shares--20,000 shares outstanding, $0.80 cumulative. The shares were issue at a price of $15 per share.
How many years were the preferred dividends in arrears?

At January 1, 20D, Clare Corporation Had Outstanding Capital Shares