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Question: assume cgm corp has issued and outstanding 22000 shares of...

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Assume CGM Corp has issued and outstanding 22,000 shares of 5%, $25 par value preferred stock and issued and outstanding 15,000 shares of $15 stated value common stock. The board of directors declares dividends of $30,000 and the preferred stock is non-cumulative, and $17,500 in arrears. What amount is allocated to preferred stockholders?

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