Answered Essay: The following information applies to the questions displayed below. current balance sheet shows the following stockholders' equity section: Prefe

The following information applies to the questions displayed below. current balance sheet shows the following stockholders equity section: Preferred stock-5% cumulative, $--par value, 1,000 shares authorized, issued, and outstanding Common stock-$_ par value, 4,000 shares authorized, issued, and outstanding Retained earnings $55,000 160,000 320,000 Total stockholders equity $535,000

The following information applies to the questions displayed below. current balance sheet shows the following stockholders’ equity section: Preferred stock-5% cumulative, $–par value, 1,000 shares authorized, issued, and outstanding Common stock-$_ par value, 4,000 shares authorized, issued, and outstanding Retained earnings $55,000 160,000 320,000 Total stockholders’ equity $535,000

Expert Answer

 

6.1) Par value of preferred stock per share = $55000/1000 = $         55.00
Preferred dividends payable per year = 1000*55*5% = $         2,750
Total dividends in arrears = 2750*2= $         5,500
Current year dividend $         2,750
Total amount paid to the preferred shareholders $         8,250
Total amount paid to the common shareholders (14250-8250) $         6,000
6.2)
Amount of dividends per share of common stock = 6000/4000 = $           1.50
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