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Vega Corporation's December 31, 2015 Balance Sheet Showed the Following

Question 113

Multiple Choice

Vega Corporation's December 31, 2015 balance sheet showed the following: 8% preferred stock, $20 par value, cumulative, 10,000 shares  authorized; 7,500 shares issued $150,000 Common stock, $10 par value, 1,000,000 shares authorized; 975,000 shares issued, 960,000 shares outstanding 9,750,000 Paid-in capital in excess of par-preferred stock 30,000 Paid-in capital in excess of par-common stock 13,500,000 Retained earnings 3,750,000 Treasury stock ( 15,000 shares)  315,000\begin{array}{lr}\text { authorized; } 7,500 \text { shares issued }&\$150,000\\\text { Common stock, } \$ 10 \text { par value, } 1,000,000 \text { shares authorized; }\\975,000 \text { shares issued, } 960,000 \text { shares outstanding }&9,750,000\\\text { Paid-in capital in excess of par-preferred stock } & 30,000 \\\text { Paid-in capital in excess of par-common stock } & 13,500,000 \\\text { Retained earnings } & 3,750,000 \\\text { Treasury stock ( } 15,000 \text { shares) } & 315,000\end{array} Vega declared and paid a $58,000 cash dividend on December 15, 2015. If the company's dividends in arrears prior to that date were $10,000, Vega's common stockholders received


A) $48,000.
B) $22,000.
C) $36,000.
D) no dividend.

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