10.00 points The shareholders\' equity of WBL Industries includes the items show

Question

10.00 points The shareholders' equity of WBL Industries includes the items shown below. The board of directors of WBL declared cash dividends of $4 million, $9 million, and $120 million in its first three years of operation 2016 2017, and 2018, respectively (S in millions) Common stack Paid-in capital excess of par, common Preferred stock, 6% S 75 900 150 Paid-in capital-excess of par, prfered620 Required: Determine the amount of dividends to be paid to preferred and common shareholders in each of the three years, assuming that the preferrad stock is cumulative and nonparticipating. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Par Value Dividend Preferred nnua Preferred Stock Rate Dividend Annual Preferred Dividend Paid to Dividend Paid Preferred Common Dividends in Arrears at Total Cash Paid to year-end 2016 2017 2018 Total

Explanation / Answer

Paid to Preferred  

Par value Preferred Stock Rate Preferred Dividend Annual Preferred Dividend $150 6 % $9 Total Cash Dividend Paid

Paid to Preferred  

Paid to Common Dividends in arrears at year - end 2016 $4 $4 0 $5 2017 $9 $9 0 $5 2018 $120 $14 $106 0 Total $133 $27 $106 0

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