Concord, Inc., has 4000 shares of 5%, $100 par value, noncumulative preferred stock and 32000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2019. The board of directors declares and pays a $59800 dividend in 2020. What is the amount of dividends received by the common stockholders in 2020? $0 $8000 $39800 $20000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 5MC
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Concord, Inc., has 4000 shares of 5%, $100 par value, noncumulative preferred stock and 32000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2019. The board of directors declares and pays a $59800 dividend in 2020. What is the amount of dividends received by the common stockholders in 2020?

$0
$8000
$39800
$20000
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