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Koon Corporation has the following stock outstanding: 6% Preferred, $100 Par $1,200,000 Common Stock, $50 Par 2,000,000 No dividends were paid the...

Koon Corporation has the following stock outstanding:

6% Preferred, $100 Par $1,200,000
Common Stock, $50 Par 2,000,000

No dividends were paid the previous 2 years. If Koon declares $400,000 of dividends in the current year, how much will preferred stockholders receive if the preferred stock is cumulative?
$144,000
$72,000
$184,000
$216,000

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