The Shareholders' Equity of Tru Corporation Includes $600,000 of $1

question 104

Essay

The shareholders' equity of Tru Corporation includes $600,000 of $1 par common stock and $1,200,000 par of 6% cumulative preferred stock. The board of directors of Tru declared cash dividends of $150,000 in 2018 after paying $60,000 cash dividends in each of 2017 and 2016.
Required:
What is the amount of dividends common shareholders will receive in 2018?

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Definitions:

Sodium Chloride

A chemical compound more commonly known as salt, widely used in food seasoning and preservation.

Cortex

The outer layer of various organs in the body, particularly the brain, where it is crucial for cognitive functions.

Kidney

An organ in vertebrates that filters waste products from blood to produce urine.

CGN

Chronic glomerulonephritis, a type of kidney disease that involves the slow progression of glomerular inflammation and damage.