[The following information applies to the questions displayed below.] York\'s ou

Question

[The following information applies to the questions displayed below.] York's outstanding stock consists of 80,000 shares of noncumulative 75% preferred stock with a $5 par value and also 190,000 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 total cash dividends 2016 total cash dividends 2017 total cash dividends 2018 total cash dividends $ 18,000 28,000 300,000 450,000 Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. Also compute the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.) Par Value per Dividend per Number of Preferred Preferred Dividend Rate Preferred Preferred Share Shares Dividend Share Annual Preferred Dividend Paid to Preferred Paid to Common Dividends in Arrears at year-end Total Cash 2015 2016 2017 2018 Total Dividend Paid 18,000 28,000 300,000 450,000 $796,000 S

Explanation / Answer

Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: 5 7.50% 0.375 80,000 30000 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 18000 18000 2016 28,000 28,000 2017 3,00,000 30,000 2,70,000 2018 4,50,000 30,000 4,20,000 Total: 796000 106000 690000

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