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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 $100,000 on December 15, 2020, the preferred stock is cumulative, and dividends paid to the preferred stockholders has been as follows: 2017 - $13,750; 2018 - $13,750; and 2019 - $15,000. What amount is allocated to common stockholders?

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