Use the Following Information for Questions 74-76

question 21

Multiple Choice

Use the following information for questions 74-76.
Instanbul Corp. has outstanding 20,000 no par value, $ 0.80, preferred shares and 100,000 no par value common shares. Dividends have been paid every year except last year and the current year. The carrying value of the preferred shares is $ 200,000 and of the common shares is $ 300,000.
-If the preferred shares are noncumulative and fully participating and $ 70,000 is distributed as a dividend, the common shareholders will receive

• A) $ 0.
• B) $ 42,000.
• C) $ 46,000.
• D) $ 54,000.

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Definitions:

Endocrine Gland

Endocrine system glands that secrete hormones directly into the bloodstream to regulate different body functions.

Epithelial Surface

The layer of cells covering the surfaces of the body, including the skin, organs, and internal passageways.

Bloodstream

The flowing blood within the circulatory system of the body, transporting oxygen, nutrients, and waste products.

Collagenous Fibers

Strong, flexible fibers made of collagen that are a major component of connective tissue in the body.