Dividing dividends between preferred and common stock
| NORTHERN COMMUNICATIONS Stockholders’ Equity Don't use plagiarized sources. Get Your Custom Essay on what is the average price at which each preferred share sold for what is the average 551027 For $10/Page 0nly | |
| Paid-in Capital: | |
| Preferred stock, 6%, $11 par, 150,000 shares authorized | |
| 20,000 shares issued and outstanding | $ 220,000 |
| Common stock, $3 par, 575,000 shares authorized | |
| 400,000 shares issued and outstanding | 1,200,000 |
| Paid-in capital in excess of par—common | 1,000,000 |
| Total paid-in capital | 2,420,000 |
| Retained earnings | 190,000 |
| Total stockholders’ equity | $2,610,000 |
Requirements
1.First, determine whether preferred stock is cumulative or noncumulative.
2.Compute the amount of dividends to preferred and to common for 2011 and 2012 if total dividends are $12,200 in 2011 and $55,000 in 2012.
3.What is the average price at which each preferred share sold for? What is the average price at which each common share sold for?
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