QUESTION 2 – DIVIDENDS
Background Information: Kips Corp. declared $68,000 in dividends in 2021. Share capital consists of 1,500 common shares and 3,500, $2 preferred shares. Dividends have not been paid on the preferred shares since 2017.
Determine the dividends to be paid on preferred shares assuming:
a. the preferred shares are cumulative.
b. the preferred shares are non-cumulative.
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