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In: Accounting
The guns per share 72 inc a developer of radiology equipment has stock outstanding as follows...
The guns per share 72 inc a developer of radiology equipment has stock outstanding as follows 80000 shares of cumulative preferred 3% stock $20 park and 405000 shares of $25 par common during its 1st 4 years of operations the following amounts were distributed as dividends 1st year $33000 2nd years $76000 3rd year $90000 for theor $100000 determine the dividends per share on each class of stock for each of the 4 years
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| Year 1 | Year 2 | Year 3 | Year 4 | ||
| Preferred Stock (dividend per share) | $ 0.41 | $ 0.60 | $ 0.60 | $ 0.60 | |
| Dividend Stock (dividend per share) | 0 | $ 0.07 | $ 0.10 | $ 0.13 | |
| Workings: | |||||
| Dividend for preference shareholders | = | 80000 shares X $20 X 3% | |||
| = | 48000 | ||||
| Preferred Stock | Dividend Stock | Total | Arrears | ||
| (i) | (ii) | ||||
| Year 1 | $ 33,000 | 0 | $ 33,000 | 15000 | |
| Year 2 | $ 48,000 | $ 28,000 | $ 76,000 | ||
| Year 3 | $ 48,000 | $ 42,000 | $ 90,000 | ||
| Year 4 | $ 48,000 | $ 52,000 | $ 1,00,000 | ||
| Preferred Stock | Dividend Stock | ||||
| (i) / 80000 | (ii) / 405000 | ||||
| Year 1 | $ 0.41 | 0 | |||
| Year 2 | $ 0.60 | $ 0.07 | |||
| Year 3 | $ 0.60 | $ 0.10 | |||
| Year 4 | $ 0.60 | $ 0.13 | |||
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