Use the following information to answer the given question
| ₦ | |
| ordinary shares of ₦1 each | 500,000 |
| 8% preference shares of ₦1 each | 200,000 |
| Interim dividends paid | |
| – ordinary shares | 40,000 |
| -preference shares | 12,000 |
| profit for the year | 100,000 |
If no profit is to be retained, proposed preference shares dividend is?
A. ₦28,000
B. ₦16,000
C. ₦12,000
D. ₦4,000
Correct Answer: Option B
B. ₦16,000
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