The outstanding share capital of Pennington Corporation consists of 3,000 shares of $100 par value, 5%...
The outstanding share capital of Pennington Corporation consists
of 3,000 shares of $100 par value, 5% preference, and 9,000 shares
of $50 par value ordinary.
Assuming that the company has retained earnings of $100,000, all of
which is to be paid out in dividends. One year’s dividends are in
arrears on the preference shares.
Required: Determine how much each class of shares should receive
under each of the following conditions.
1. The preference shares are non-cumulative and
non-participating.
2. The preference shares are cumulative and
non-participating.
3. The preference shares are non-cumulative and
participating.
4. The preference shares are cumulative and participating.
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The outstanding share capital of Pennington Corporation consists
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