Nance Corporation’s December 31, 2017 balance sheet showed the following: 6% preferred stock, $20 par value, cumulative, 30,000
shares authorized; 20,000 shares issued $ 400,000 Common stock, $10 par value, 3,000,000 shares authorized; 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Paid-in capital in excess of par value – preferred stock 60,000 Paid-in capital in excess of par value – common stock 28,000,000 Retained earnings 9,650,000 Treasury stock (30,000 shares) 630,000 Nance declared and paid a $90,000 cash dividend on December 15, 2017. If the company’s dividends in arrears prior to that date were $24,000, Nance’s common stockholders received $66,000. $53,000. $42,000. no dividends.
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