The board of directors wants to give the common stockholders

The board of directors wants to give the common stockholders

Mustang, Inc. has 12,000 shares of $10, no-par cumulative preferred stock outstanding and 120,000 shares of $5 par value common stock outstanding at December 15, 2008. Mustang has not paid a dividend for the past two years. The board of directors wants to give the common stockholders a $6.00 per share dividend. The total dividends to be declared are

a. $ 500,000

b. $ 840,000

c. $1,080,000

d. $ 600,000

e. None of the above.

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