Homework Answers
Required preferred dividend=$10,000,000*10%=$1,000,000
| EBIT | $1,265,823(Approx). |
| Less:interest | - |
| EBT(100%)($1,000,000/0.79) | $1,265,822.785 |
| Less:tax@21%($1,265,822.785*0.21) | $265,822.785 |
| Net income to pay preferred dividend(79%)=Required preferred dividend | $1,000,000 |
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27 A corporation has $10,000,000 of 10 percent preferred stock outstanding and a 21 percent tax...
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