Homework Answers
As the preferred stock is cummulative, dividends is arrears are also to be paid along with the current dividends.
Preferred dividends = 75,000 * $1 * 6%
= $4,500
Total preferred dividends payable = $4,500 + ($4,500 * 3)
= $18,000
Dividends payable to common stock = $240,000 - $18,000
= $222,000
Dividends per share = $222,000 / (200,000 - 50,000)
= $1.48
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