York\'s outstanding stock consists of 28,000 shares of noncumulative 9.80% prefe

Question

York's outstanding stock consists of 28,000 shares of noncumulative 9.80% preferred stock with a $10 par value and also 70,000 shares of common stock with a $1 par value. During its first four years of operation the corporation declared and paid the following total cash dividends 2015 $ 22,000 2016 2017 2018 25,440 110,000 195,000 Determine the amount of dividends paid each year to eac and common. Also compute the total dividends paid to each class for the four years combined. (Round "Dividend Rate (%)" to 1 decimal place and "Dividend per Preferred Share" to 2 decimal places.) h of the two classes of stockholders: preferred Par Value per Dividend per Number of Preferred Preferred Dividend Rate Preferred Preferred Shares Dividend Share Share Annual Preferred Dividend: Paid to Preferred Paid to Common Dividends in Arrears at ear-end Total Cash 2015 2016 2017 2018 Total: Dividend Paid $ 22,000 25,440 110,000 195,000 $352,440

Explanation / Answer

Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: 10 9.80% 0.98 28,000 27440 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 22000 22000 2016 25,440 25,440 2017 1,10,000 27,440 82,560 2018 1,95,000 27,440 1,67,560 Total: 352440 102320 250120

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