Fargo Company's outstanding stock consists of 650 shares of noncumulative 5% preferred stock with a $10 par value and 4,200 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the follow
Fargo Company's outstanding stock consists of 650 shares of noncumulative 5% preferred stock with a $10 par value and 4,200 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.
| Dividends Declared & Paid | ||
| year 1 | $ | 30,000 |
| year 2 | $ | 8,000 |
| year 3 | $ | 39,000 |
The amount of dividends paid to preferred and common shareholders in year 1 is
Homework Answers
Preffered 325
Common 29,675
explanation
650*10*5%=325 preffered
30,000- 325= 29,675
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