Torino company has 1,300 shares of $50 par value, 6.0% cumulative and nonparticipating preferred stock and 13,000 shares of $10 par value common stock outstanding. the company paid total cash dividends of $3,500 in its first year of operation. the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

True

Explanation:

The FDIC's purpose was to give strength to the economy and the bombing banking framework. Authoritatively made by the Seagull Act of 1933 and displayed after the store protection program at first authorized in Massachusetts, the FDIC ensured a particular measure of checking and reserve funds stores for its part banks.

The most critical of these new laws were the DMCA act. These laws approved the disposal of loan fee roofs, loosening up confinements on loaning and overruling the usury laws of individual states.