A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 34,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "0" if no dividends are paid.
Preferred |
Common |
||||
Year |
Dividends |
Total |
Per Share |
Total |
Per Share |
1 | $12,000 | $ | $ | $ | $ |
2 | 16,000 | $ | $ | $ | $ |
3 | 24,740 | $ | $ | $ | $ |
Preferred | Common | ||||
Year | Dividends | Total | Per Share | Total | Per Share |
1 | 12,000.0 | 12,000 | 12,000/2,000 = 6 | 0 | 0 |
2 | 16,000.0 | 16,000 | 16,000/2,000 = 8 | 0 | 0 |
3 | 24,740.0 | 20,000 | 20,000/2,000 = 10 | 4,740.00 | 4,740/34,000 = 0.13 |
Annual preferred dividend = Number of preferred share x par value per share x Dividend rate
= 2,000 x 100 x %
= $16,000
Preferred dividend in arrears in year 1 = $4,000
In the third year, dividend paid to preferred stock holders = 16,000+4,000
= $20,000
Kindly comment if you need further assistance. Thanks‼!
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