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OpenStudy (anonymous):
Ace Corporation pays its cumulative preferred stock $1.95 per share. There are 40,000 shares of preferred and 80,000 shares of common. In 2011, 2012, and 2013 due to slow downs in the economy, Ace paid no dividends. Now in 2014, the Board of Directors has decided to pay out $600,000 in dividends. The common stockholders receive:
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