York\'s outstanding stock consists of 65,000 shares of noncumulative 6.0% prefer

Question

York's outstanding stock consists of 65,000 shares of noncumulative 6.0% preferred stock with a $5 par value and also 220,000 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 $ 9,300 17,500 210,900 360,000 Exercise 13-8 Dividends on common and noncumulative preferred stock Lo C2 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 Dividend Rate Preferred Preferredterre SharesDividend 65,000 19,500 Share Share Annual Preferred Dividend: 5.00 6.09 $ 0.300 Dividends in Arrears at year-end Paid to Paid to Common Total Cash Dividend PaidPreferred 2015 2016 2017 2018 Total: 9,300 S 9,300 $ 17,500 210,000 360,000 17,500 $ 596,800 $ 26,800 S

Explanation / Answer

Non cumulative :

cumulative :

Par value per preferred share Dividend rate Dividend per preferred share Number of preferred share Preferred dividend Annual preferred dividend 5 6% 0.30 65000 19500 Total cash dividend paid Paid to preferred Paid to common Dividend in arrears at year end 2015 9300 9300 0 0 2016 17500 17500 0 0 2017 210000 19500 190500 0 2018 360000 19500 340500 0 Total 596800 65800 531000 0

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