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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 0.30003
23-Nov-15 0.30003
21-Aug-15 0.30003
21-May-15 0.29169
23-Feb-15 0.30003


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.
$Answer million

Solutions

Expert Solution

Dividend Payment Date Dividend Per Share Number of Shares (Million) Dividend paid (Million)
23-Feb-15 0.30003                                     14,058.00                                4,217.82
21-May-15 0.29169                                     14,058.00                                4,100.58
21-Aug-15 0.30003                                     14,058.00                                4,217.82
23-Nov-15 0.30003                                     14,058.00                                4,217.82
Answer:                                    16,754

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