York\'s outstanding stock consists of 80,000 shares of noncumulative 5% preferre

Question

York's outstanding stock consists of 80,000 shares of noncumulative 5% preferred stock with a $5 par value and also 200,000 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: 2815 total cash dividends 2816 total cash dividends 2817 total cash dividends 2018 total cash dividends $ 29,000 28, 88e 200,000 35e, e88 Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.) per per Preferred Dividend Dividend Rate Preferred Preferred Share Preferred Shares Share Annual Preferred Dividend Paid to Preferred Dividends in Arrears at Total Cash Paid to Dividend Paid $ 20,000 28,000 200,000 350,000 $ 598,000 ear-end 2015 2016 2017 2018 Totals

Explanation / Answer

Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: $5.00 7.50% $0.38 80,000 $30,000 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 $20,000 $20,000 2016 28,000 28,000 2017 200,000 30,000 170,000 2018 350,000 30,000 320,000 Total: 598000 $108,000 490000

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