York's outstanding stock consists of 80,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 140,000 shares of common stock with a $1 par value

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York's outstanding stock consists of 80,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 140,000 shares of common stock with a $1 par value

York's outstanding stock consists of 80,000 shares of noncumulative 7.0% preferred stock with a $5 par value and also 140,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends.

Year 1 total cash dividends $ 16,500

Year 2 total cash dividends 26,000

Year 3 total cash dividends 275,000

Year 4 total cash dividends 425,000

Exercise 11-10 Dividends on common and noncumulative preferred stock LO C2 Determine the amount of dividends paid each year t Exercise 11-11 Dividends on common and cumulative preferred stock LO C2 Use the data in Exercise 11-10 to determine the amoun

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Answer 1

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Requirement 1

	Par Value per Preferred Share	Dividend rate	Dividend per Preferred Share	No. of Preferred Shares	Preferred Dividend
*Annual Preferred Dividend:*	$ 5	7.00%	$ 0.350	80,000	$ 28,000.00
	Total Cash Dividend paid	Paid to Preferred	Paid to Common	Dividends in Arrears at Year end
Year 1	$ 16,500.00	$ 16,500.00	$ -	$ -
Year 2	$ 26,000.00	$ 26,000.00	$ -	$ -
Year 3	$ 275,000.00	$ 28,000.00	$ 247,000.00	$ -
Year 4	$ 425,000.00	$ 28,000.00	$ 397,000.00	$ -
TOTAL	$ 742,500.00	$ 98,500.00	$ 644,000.00	$ -

Requirement 2

	Par Value per Preferred Share	Dividend rate	Dividend per Preferred Share	No. of Preferred Shares	Preferred Dividend
*Annual Preferred Dividend:*	$ 5	7.00%	$ 0.350	80,000	$ 28,000.00
	Total Cash Dividend paid	Paid to Preferred	Paid to Common	Dividends in Arrears at Year end
Year 1	$ 16,500.00	$ 16,500.00	$ -	$ 11,500.00
Year 2	$ 26,000.00	$ 26,000.00	$ -	$ 13,500.00
Year 3	$ 275,000.00	$ 41,500.00	$ 233,500.00	$ -
Year 4	$ 425,000.00	$ 28,000.00	$ 397,000.00	$ -
TOTAL	$ 742,500.00	$ 112,000.00	$ 630,500.00	$ -

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