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Le completion Yorks outstanding stock consists of 90,000 shares of noncumulative 6.5% preferred stock with a $5 par value an
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Answer #1

Par Value per Preferred Stock

Dividend Rate

Dividend per Preferred share

Number of Preferred shares

Preferred Dividend

Annual Preferred Dividend

$5.00

6.50%

0.325

90,000

$29,250

Total Cash Dividend Paid ($)

Paid to Preferred Dividend ($)

Paid to common ($)

Dividend arrears at the year-end ($)

Year 1

18,100

18,100

0

11,150

Year 2

27,200

27,200

0

13,200

Year 3

2,55,000

42,450

2,12,550

0

Year 4

4,05,000

29,250

3,75,750

0

TOTAL

7,05,300

1,17,000

5,88,300

Preferred dividend paid in Year 3 = Preferred dividend payable for Year 3 + Total Dividend arrears at the end of Year 2

= $29,250 + $13,200

= $42,450

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