The shareholders' equity of Red Corporation includes $200,000 of $1 par common stock and $400,000 par of 6% cumulative preferred stock.
The board of directors of Red declared cash dividends of $50,000 in 2021 after paying $20,000 cash dividends in 2020 and $40,000 in 2019.
What is the amount of dividends common shareholders will receive in 2021?
a. $18,000.
b. $22,000.
c. $26,000.
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