Slick Willie Inc. had the following shares outstanding during 20X3: (1) Preferred shares, $3, cumulative, 1,000 shares with dividends in arrears for 20X1 and 20X2. (2) Common shares, 2,000 shares. The total dividends declared for the current year were $21,000. What is the total amount of dividends to which the preferred shareholders are entitled?
A) $3,000
B) $6,000
C) $9,000
D) $12,000
Correct Answer:
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