Vortex Corp. has 250,000 shares of common stock authorized. The company issued 85,000 shares and reacquired 9,000 of those shares as treasury stock. The board of directors subsequently declared a cash dividend of $6 per share. Required:What is the total amount of dividends that were declared?
What will be an ideal response?
$456,000
| Shares issued | $ 85,000 |
| Treasury stock | (9,000) |
| Shares outstanding | 76,000 |
| Cash dividend declared per share | × $6 |
| Total dividends declared | $456,000 |
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