Goshen Co. has 24,000 shares of no-par common stock with a $20 stated value and 10,000 shares of $30 par, 5 percent noncumulative preferred stock outstanding. If the company declares cash dividends of $68,000, the total amount of the dividend paid to preferred stockholders is

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The preferred stockholders receive dividends based on the par value of their shares. With 10,000 shares at a $30 par value and a 5% dividend rate, the total dividend for preferred stockholders is 10,000 * $30 * 0.05 = $15,000.

Goshen Co Has 24,000 Shares of No-Par Common Stock with a a $20