Use the Following Information for Questions

question 78

Multiple Choice

Use the following information for questions
Harbour Co. has $200,000 of no par value 4% cumulative preferred shares, and 12,000 shares of no par value common shares outstanding. In its first three years of operation, the company paid cash dividends as follows: Year 1: $8,000; Year 2: $18,000; and Year 3: $24,000.
-The amount of dividends received by the common shareholders in year 1 was:

• A)$4,000
• B)$ -0-
• C)$8,000
• D)$12,000

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Definitions:

Italian Wine

Wines produced in Italy, known for their rich variety and quality, stemming from many of the country's regions with long-standing traditions in viticulture.

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The official currency of the United Kingdom, known as Sterling, symbolized as GBP.

British Chess Set

A specific style of chess pieces, often referred to as the Staunton pattern, that is recognized for its distinguishable design and used officially in competition.

Japanese Yen

The official currency of Japan, used as a medium of exchange within the country.