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Promulgate’s trial balance as at 31 December, 2015 showed credit amounts of $500,000,000 and $80,000,000 against the $1 equity shares and the share premium account respectively. On 1 September, 2015 Promulgate had correctly accounted for a fully subscribed 1 for 4 rights issue at an exercise price of $1.20 each

Promulgate had paid two dividends in the year. The first dividend payment of 4 cents per share was in March and the second dividend payment of 2.5 cents per share was paid in November

What was the total dividend payment made by Promulgate during the year ended 31 December, 2015?

$35,625,000

$28,500,000

$31,250,000

$30,000,000

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