On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 6% cumulative preferred stock, and 10,000 shares of $10 par value common stock. Preferred dividends were paid in...
On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 6% cumulative preferred stock, and 10,000 shares of $10 par value common stock. Preferred dividends were paid in 2016 but were not paid in 2017. During 2018, Alpha distributed $25,000 in dividends. Use this information to determine for 2018 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.
Homework Answers
Dollar amount of dividends per common share = $1.90
Explanation;
|
Total dividends distributed in 2018 |
$25,000 |
|
Less: Preferred dividend for 2018 (500 * $100 * 0.06) |
($3,000) |
|
Less: Preferred dividend for 2017 (500 * $100 * 0.06) |
($3,000) |
|
Dividend distributed to common shares |
$19,000 |
|
Number of common shares |
10,000 |
|
Dollar amount of dividends per common share ($19,000 / 10,000) |
$1.90 |
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