York\'s outstanding stock consists of 41,000 shares of cumulative 8.00% preferre

Question

York's outstanding stock consists of 41,000 shares of cumulative 8.00% preferred stock with a $10 par value and also 102,500 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. 2015 S 26,000 2016 2017 2018 25,300 82,800 132,800 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 2 decimal places.) Par Value per Preferred Share Number of Preferred Shares Dividend per Preferred Dividend Dividend Rate Preferred Share Annual Preferred Dividend: S 10.00 8.0% s 0.80 41,000 S 32800 Total Cash Dividend Paid Paid to Preferred Paid to Commorn Dividends in Arrears at year-end 6,800 2015 2016 2017 2018 Total 26,000 S 25,300 82,800 26,000 25,300 132,800 $ 266,900S 32,800 100,000 84,100 100,000

Explanation / Answer

Par Value per Preferred Share Dividend Rate Dividend per Preferred Share Number of Preferred Shares Preferred Dividend Annual Preferred Dividend: 10 8.00% 0.8 41,000 32800 Total Cash Dividend Paid Paid to Preferred Paid to Common Dividends in Arrears at year-end 2015 26000 26000 0 6800 2016 25,300 25,300 0 14,300 2017 82,800 47,100 35,700 0 2018 1,32,800 32,800 1,00,000 0 Total: 266900 131200 135700

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