Halverstein Company's outstanding stock consists of 12,250 shares of cumulative 5% preferred stock with a $10...
Halverstein Company's outstanding stock consists of 12,250
shares of cumulative 5% preferred stock with a $10 par value and
5,250 shares of common stock with a $1 par value. During the first
three years of operation, the corporation declared and paid the
following total cash dividends.
| Dividend Declared | ||
| Year 1 | $ | 0 |
| Year 2 | $ | 10,500 |
| Year 3 | $ | 44,000 |
The amount of dividends paid to preferred and common shareholders
in Year 2 is:
Multiple Choice
-
$6,125 preferred; $4,375 common.
-
$7,350 preferred; $3,150 common.
-
$10,500 preferred; $0 common.
-
$5,250 preferred; $5,250 common.
-
$0 preferred; $10,500 common.
Homework Answers
$ 10500 preferred, $ 0 common is correct
Reason : since the preferential shares are cumulative, in the year no divided is paid , so in the total 1 & 2 year divided is paid
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