SouthernGirl3
Apr 24, 2008, 11:55 AM
Info given:
Preferred 6% stock, $100 par - 250,000
Common Stock, $5 par - $465,000
Paid-in Capital in Excess of Par - Common - $116,250
Retained Earnings - $978,652
Problem:
The board of directors approved the annual cash dividend of $247,500 for both preferred and common stockholders. The dividend payable is payable to stockholders of record as of January 15, 2006 with payment on February 1, 2006. What is the amount of the dividend paid on each share of common stock?
Please help me solve this problem. I'm in the "ballpark" but I am off by $.16.:eek:
Preferred 6% stock, $100 par - 250,000
Common Stock, $5 par - $465,000
Paid-in Capital in Excess of Par - Common - $116,250
Retained Earnings - $978,652
Problem:
The board of directors approved the annual cash dividend of $247,500 for both preferred and common stockholders. The dividend payable is payable to stockholders of record as of January 15, 2006 with payment on February 1, 2006. What is the amount of the dividend paid on each share of common stock?
Please help me solve this problem. I'm in the "ballpark" but I am off by $.16.:eek: