Homework Answers
Preferred stock dividends payable each year = 1,600 shares * $100 * 6% = $9,600
Preferred dividends payable over 3 years = $9,600 * 3 = $28,800
Total dividends paid over 3 years = $2,600 + $6,600 + $35,000
= $44,200
As the preferred stock is cumulative, dividends in arrears has to be paid before any dividends are paid to common stock holders.
Dividends paid to Common stock holders = $44,200 - $28,800
= $15,400
The answer is $28,800 preferred; $15,400 common.
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