Day Inc. has 4,089 shares of 5%, $100 par value cumulative preferred stock and 94,145 shares...

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Question

Day Inc. has 4,089 shares of 5%, $100 par value cumulative preferred stock and 94,145 shares...

Day Inc. has 4,089 shares of 5%, $100 par value cumulative preferred stock and 94,145 shares of $1 par value common stock outstanding at December 31. What is the annual dividend on the preferred stock?

Select the correct answer.

$20,445 in total

$4,707 in total

$4,089 in total

$50.00 per share

business accounting

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Answer 1

Answer #1

*Annual Dividend on preferred stock = Dividend Rate Total Par value of preferred stock**
	= 4,089 shares * $ 100 * 5%
	= $ 20,445

So, the correct answer is $ 20,445 in total


Thank you!
Happy Chegging

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Answer 2

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Day Inc. has 4,089 shares of 5%, $100 par value cumulative preferred stock and 94,145 shares...

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Day Inc. has 4,089 shares of 5%, $100 par value cumulative preferred stock and 94,145 shares...

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