Homework Answers
1. Alloy's preferred shares are cumulative because they are specifically designated as cumulative shares.
2. Preferred shares will get $900 dividend and Common shares will get $13,100 dividend.
Explanation -
Preferred shares dividend for current year = 60,000 * 0.015 = $900
Common shares dividend = Total dividend - Preferred shares dividend
= 14,000 - 900 = $13,100
3. Preferred shares will get $2,700 dividend and Common shares will get $11,300 dividend.
Explanation -
Preferred shares dividend = Past years arrears + Current year dividend
= ( 2 * 60,000 * 0.015 ) + ( 60,000 * 0.015 )
= 1,800 + 900
= $ 2,700
Common shares dividend = Total dividend - Preferred shares dividend
= 14,000 - 2,700 = $11,300
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