Homework Answers
Answer:
a)Annual dividend per share - 24.64
b)Total dividend received - 6171
Explanation:
dividends per year of preferred stock
48900 shares x $80 each x 8.8% = 344256 dollar per year
per share: 4.4 dollars
As the preferred stock accumualted 2 years in arrears:
344256 x 3.5 = 1204896
per share: 1204896/ 48900 = 24.64
b) to pay dividends to common stock first the firm should pay the preferred stocks thus; it received:
from preferrred stock:
170 x (24.64 arrears dividends + 4.4 current year dividends) = 4936.8
from common stock:
4936.8 x 0.25 = 1234.2
In total it received = 1234.2 + 4936.8 = 6171
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