York’s outstanding stock consists of 47,000 shares of noncumulative 6.40% prefer

Question

York’s outstanding stock consists of 47,000 shares of noncumulative 6.40% preferred stock with a $10 par value and also 117,500 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:

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 "Dividend Rate (%)" to 1 decimal place and "Dividend per Preferred Share" to 2 decimal places.)

Explanation / Answer

preferred stock 47000*6.4%*10 30080 preferred common Dividend Stock 2015 24,000 24,000 2016 28,080 28,080 2017 30080 49920 80000 2018 30080 159920 190000 total dividend paid 112,240 209840 322,080 dividend per share PS CS 2015 0.51 2016 0.60 2017 0.64 0.42 2018 0.64 1.36

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