A corporation has 15,000 shares of 10%, $50 par cumulative preferred stock outstanding and 25,000 shares...
A corporation has 15,000 shares of 10%, $50 par cumulative preferred stock outstanding and 25,000 shares of no-par common stock outstanding. Dividends of $37,500 are in arrears. At the end of the current year, the corporation declares a dividend of $120,000. The amount of preferred stock paid in the current year is ?
Homework Answers
Preferred stock dividend = 50*15000* 10% = $75000 (current year) + arrear 37500 = $112500
so preferred stock paid = 50*15000 = $750000 (stock value )+ $112500 (dividend )= $862500
Preferred: $50 x 10% x 15,000 shares = $75,000 current year + $37,500 in arrears = $112,500 / 15,000 shares = $7.50
Common: $120,000 - $112,500 = $7.500/25,000 shares= $0.30
The dividend per share is $7.50 to preferred shares and $.30 to common shares.
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