Occidental Produce,Inc.has 47,000 shares of common stock outstanding and 4,000 shares of preferred stock outstanding.The common stock is $0.06 par value;the preferred stock is 9% noncumulative with a $100.00 par value.On October 15,2017,the company declares a total dividend payment of $51,000.How much dividend will be paid to the preferred stockholders?

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Quizplus · Accepted Answer

C)Dividend paid to the preferred stockholders = ($100.00 × 9%)× 4,000 = $36,000