Stаtement аbоut exаms: The Quizzes are "clоsed bоok". This means that to prepare for each exam you should do the grammar exercises, read the short stories and answer all the questions after reading each story in the anthology. During the exam, you cannot look at your book, notes, phone, internet, or anything else. You must complete the test using your brain as your resource. Using other resources for the Quizzes are therefore an act of academic dishonesty, and will carry the penalties of such. I understand.
Neil Diаmоnd Cоrpоrаtion hаs the following information related to its stockholder’s equity account balances: Preferred stock (8% cumulative, $30 par) $210,000 Common stock ($3 par) $525,000 Retained earnings $197,000 Treasury stock (at cost, 3,700 common shares) $48,100 The Company did not declare dividends in the prior year, 2022. At the end of 2023, the Company’s board of directors declare that the current year dividends shall be 8% on the preferred shares and $0.40 per share on the common shares. Additionally, the dividends in arrears shall be satisfied by issuing 1,900 shares of treasury stock. Assume the dividend declaration and the payment occur simultaneously. What is the total amount of cash dividends paid by the Company in 2023?