Question 3 Pina Colada Corp. December 31, 2017 balance sheet showed the followin

Question

Question 3 Pina Colada Corp. December 31, 2017 balance sheet showed the following: 6% preferred stock, $10 par value, cumulative, 40000 shares authorized; 17000 shares issued $ 170000 Common stock, $10 par value, 4,000,000 shares authorized; 2,600,000 shares issued, 2,560,000 shares outstanding 26000000 Paid-in capital in excess of par value - preferred stock 67000 Paid-in capital in excess of par value - common stock 28800000 Retained earnings 9650000 Treasury stock (40,000 shares) 630000 Pina declared and paid a $83500 cash dividend on December 15, 2017. If the company’s dividends in arrears prior to that date were $22300, Pina common stockholders received no dividend. $63300. $51000. $73300.

Explanation / Answer

dividend to preferred shareholders 10*6%*17000 10200 total dividend 83,500 Dividend to preferred shareholders Dividend in Arrear 22,300 Dividend of current year 10,200 32,500 Dividend to common shareholders 51,000 answer

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