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In: Accounting

A company had stock outstanding as follows during each of its first three years of operations:...

A company had stock outstanding as follows during each of its first three years of operations: 4,000 shares of 8%, $100 par, cumulative preferred stock and 34,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. Round dividends per share to the nearest cent. Enter "0" if no dividends are paid.

Preferred

Common

Year

Dividends

Total

Per Share

Total

Per Share

1 $24,000   $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4
2 32,000 $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8
3 42,680

Solutions

Expert Solution

Solution

Preferred Common
Year Dividends Total Per Share Total Per Share
1 $ 24,000.00 $ 24,000.00 $           6.00 $                -   $             -  
2 $ 32,000.00 $ 32,000.00 $           8.00 $                -   $             -  
3 $ 42,680.00 $    40,000.00 $         10.00 $         2,680.00 $          0.08

Working

Par Value per Preferred share Dividend rate Dividend per preffred share Number of preffered shares Preffered Dividend
Annual Prefrred Dividend: 100 8.00% $            8.000 4000 $       32,000.00
Total Cash dividend Paid Paid to Preferred Paid to common Dividends in arear at year-end
Year 1 $ 24,000 $ 24,000 $ 8,000
Year 2 $ 32,000 $ 32,000 $ 0 $ 8,000
Year 3 $ 42,680 $ 40,000 $ 2,680

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