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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