A
company's board of directors votes to declare a cash dividend of $1.15
per share. The company has 23,000 shares authorized, 18,000 issued, and
17,500 shares outstanding. The total amount of the cash dividend is:
| $40,825. | |
 | $20,125. |
| $20,700. | |
| $26,450. | |
| $25,450. |
$1.15 × 17,500 shares = $20,125
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