Homework Answers
| Years | Part (a) | Part (b) | ||
| 2015 | 4.54 | 0 | 4.54 | 0 |
| 2016 | 6.00 | 0.92 | 7.46 | 0.68 |
| 2017 | 6.00 | 3.09 | 15.49 | 1.55 |
| 2018 | 6.00 | 4.38 | 20.41 | 2.04 |
| Computations for part a | |
| 2015 | |
| Dividends paid | 10900 |
| Amount due preferred(2400*100*6%) | 14400 |
| preferred per share(10900/2400) | 4.54 |
| common per share | 0 |
| 2016 | |
| Dividends paid | 28000 |
| Amount due preferred(2400*100*6%) | 14400 |
| Amount due to common | 13600 |
| preferred per share(14400/2400) | 6.00 |
| common per share(13600/14800) | 0.92 |
| 2017 | |
| Dividends paid | 60100 |
| Amount due preferred(2400*100*6%) | 14400 |
| Amount due to common | 45700 |
| preferred per share(14400/2400) | 6.00 |
| common per share(45700/14800) | 3.09 |
| 2018 | |
| Dividends paid | 79200 |
| Amount due preferred(2400*100*6%) | 14400 |
| Amount due to common | 64800 |
| preferred per share(14400/2400) | 6.00 |
| common per share(64800/14800) | 4.38 |
| Computations for part b | |
| 2015 | |
| Dividends paid | 10900 |
| Amount due preferred(2400*100*6%) | 14400 |
| preferred per share(10900/2400) | 4.54 |
| common per share | 0 |
| 2016 | |
| Dividends paid | 28000 |
| Amount due preferred | 14400 |
| In arrears(10900-14400) | 3500 |
| total due preferred | 17900 |
| Amount due common (28000-17900) | 10100 |
| preferred per share(17900/2400) | 7.46 |
| common per share(10100/14800) | 0.68 |
| 2017 | |
| Dividends paid | 60100 |
| Amount due preferred | 14400 |
| Amount due common(14800*10*6%) | 8880 |
| Amount availale for participation | 36820 |
| (60100-14400-8880) | |
| Par value of stock that is to participate | 388000 |
| (2400*100+14800*10) | |
| Rate of participation | 9.49% |
| (36820/388000) | |
| particiapting dividend | |
| preferred (240000*9.5%) | 22,775 |
| common (148000*9.5%) | 14,045 |
| total amount - preferred(22775+14400)/2400 | 15.49 |
| total amount - common (8880+14045)/14800 | 1.55 |
| 2018 | |
| Dividends paid | 79200 |
| Amount due preferred | 14400 |
| Amount due common(14800*10*6%) | 8880 |
| Amount availale for participation | 55920 |
| (79200-14400-8880) | |
| Par value of stock that is to participate | 388000 |
| (2400*100+14800*10) | |
| Rate of participation | 14.41% |
| (55920/388000) | |
| particiapting dividend | |
| preferred (240000*9.5%) | 34590 |
| common (148000*9.5%) | 21330 |
| total amount - preferred(34590+14400)/2400 | 20.41 |
| total amount - common (8880+21330)/14800 | 2.04 |
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