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Texas Inc. has 5,246 shares of 8%, $100 par value cumulative preferred stock and 89,366 shares of $1 par value common stock oA company with 111,062 authorized shares of $8 par common stock issued 38,702 shares at $13 per share. Subsequently, the compA company had stock outstanding as follows during each of its tirst three years of operations: 2,000 shares of 7%, $100 par,

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Answer #1

1) Annual preferred dividend = 5246*100*8% = 41968

So answer is a) $41968 in total

2) Amount transferred to paid in capital = 38702*2%*25 = 19351

So answer is c) $19351

3) Dividend distribution

Preferred Common
Year Dividends Total per share Total Per share
1 10500 10500 5.25
2 14000 14000 7
3 27100 17500 8.75 9600 0.32
3 0
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