Sanchez Company has 38,000 shares of 4% preferred stock of $100 par and 87,000 shares of...
Sanchez Company has 38,000 shares of 4% preferred stock of $100 par and 87,000 shares of $50 par common stock. The following amounts were distributed as dividends:
| Year 1 | $549,000 |
| Year 2 | $486,000 |
| Year 3 | $526,000 |
Determine the dividends per share for preferred and common stock for each year. Round the dividends per share to the nearest cent.
| Year 1 | Year 2 | Year 3 | ||
| Amount distributed | $ | $ | $ | |
| Preferred dividend | $ | $ | $ | |
| Common dividend | $ | $ | $ | |
| Dividends per share: | ||||
| Preferred stock | $ | $ | $ | |
| Common stock | $ | $ | $ | |
Homework Answers
ANSWER:
| year 1 | year 2 | year 3 | |
|---|---|---|---|
| amount distributed | $549000 | $486000 | $526000 |
| preferred dividend |
38000 x $4 = $152000 |
38000 x $4 = $152000 |
38000 x $4 = $152000 |
| common dividend | $397000 | $334000 | $374000 |
| dividend per share | |||
| preferred stock |
$100 x 4% = $4 per share |
$100 x 4% = $4 per share |
$100 x 4% = $4 per share |
| common stock | $397000/87000 = $4.56 per share | $334000/87000 = $3.84 per share | $374000/87000 = $4.30 per share |
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