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Identifying and Analyzing Financial Statement Effects of Cash Dividends On its Form 10-K for the year...

Identifying and Analyzing Financial Statement Effects of Cash Dividends On its Form 10-K for the year ended December 31, 2015, Bank of America Corp. reported the following relating to dividends on its Series 5 Floating Rate Non-Cumulative Preferred stock. Dividend Payment Date Dividend Per Share 22-Feb-16 0.26668 23-Nov-15 0.26668 21-Aug-15 0.26668 21-May-15 0.25834 23-Feb-15 0.26668 There were 14,058 million shares of this preferred stock outstanding throughout the year. Determine the total dividends that Bank of America paid during fiscal 2015. Round answer to the nearest million.

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Answer #1
Date DPS Outstanding stock Total dividend paid
(A) (B) C = A×B
23 Feb 0.26668 14058 $3748.99
21 may 0.25834 14058 $3631.74
21 aug 0.26668 14058 $3748.99
23 nov 0.26668 14058 $3748.99
Total dividend (in millions) $14878.71

Therefore, the total dividend paid during the year was $14879 million

PLEASE DO GIVE A THUMBS UP

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