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Business, 21.03.2020 03:13 noelmusulin1

On January 2, 2014, Riley Corporation issued 20,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2017, Riley Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to receive in 2017 before any distribution is made to common stockholders?

A. $0
B. $360,000
C. $480,000
D. $120,000

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