Metlock, Inc. has 10,200 shares of 9%, $100 par value, cumulative preferred stock outstanding at December...
Metlock, Inc. has 10,200 shares of 9 %, $ 100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021
If Metlock wants to pay $ 375,000 of dividends in 2022 , what amount of dividends will common stockholders receive?
Dividends allocated to common stock $ _______
Homework Answers
Preferred dividends per year = 10,200*9%*100 = 91,800
Dividends allocated to common stock
= Net income - 3 years of preferred stock dividends
= 375,000 - (91,800*3)
= 99,600
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