You've Made It Corporation presents the following partial balance sheet as of December 31, 2015:
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Stockholders' Equity
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Contributed Capital
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Preferred stock, 4% cumulative ($25 par value; 50,000 shares authorized;
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30,000 shares issued and outstanding )
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$ 750,000
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Capital in excess of par, preferred stock
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225,000
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Common stock ($0.01 par value; 800,000 shares authorized; ________ shares issued and ____ shares outstanding
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5,000
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Capital in excess of par, common stock
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1,300,000
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Total contributed capital
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$ 2,280,000
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Retained Earnings
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1,020,000
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Treasury Stock, 40,000 common shares, at cost
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(120,000)
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Total stockholders' equity
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$ 3180,000
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Assume $15,000 dividends are paid to preferred stockholders in 2014 and $25,000 are paid to preferred stockholders in 2015. If the company announces that they will pay a total of $280,000 dividends to all shareholders in 2016, how much would have to be paid to preferred shareholders before any dividends are paid to common shareholders?
How many shares of common stock are outstanding? Use the information in Question #4, how much dividends can common shareholders receive for each share of stock?