lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 3% stock, $20 par, and 13,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $2,300; second year, $3,800; third year, $22,430; fourth year, $41,750.
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
1st Year | 2nd Year | 3rd Year | 4th Year | |
Preferred stock (dividend per share) | $ | $ | $ | $ |
Common stock (dividend per share) |
Divided payable to preferred shareholders = 10,000 X $20 X 3% = $6,000
Dividend payable for 2 years to preferred shareholders = $6,000 X 2 = $12,000
Actual dividend paid to preferred shareholders = $2,300 + $3,800 = $6,100
Dividend payable to preferred shareholders third year = ($12,000 - $6,100) + $6,000 = $11,900
Dividend paid to common shareholders thirds year = $22,430 - $11,900 = $10,530
Dividend payable to preferred shareholders fourth year = $6,000
Dividend paid to common shareholders thirds year = $41,750 - $6,000 = $35,750
Dividend paid to Preferred shareholders per share:
1st year = $2,300 / 10,000 = $0.23
2nd year = $3,800 / 10,000 = $0.38
3rd year = $11,900 / 10,000 = $1.19
4th year = $6,000 / 10,000 = $0.60
Dividend paid to common shareholders per share:
1st year = $0
2nd year = $0
3rd year = $10,530 / 13,000 = $0.81
4th year = $35,750 / 13,000 = $2.75
1st Year | 2nd Year | 3rd Year | 4th Year | |
Preferred stock (dividend per share) | $0.23 | $0.38 | $1.19 | $0.60 |
Common stock (dividend per share) | $0 | $0 | $0.81 | $2.75 |
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