Kingbird, Inc. has 10,600 shares of 9%, $100 par value, cumulative preferred stock outstanding at December...
Kingbird, Inc. has 10,600 shares of 9%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021. If Kingbird wants to pay $420,000 of dividends in 2022, what amount of dividends will common stockholders receive? Dividends allocated to common stock
Homework Answers
Dividends allocated to common stock = $165,600
Explanation
Dividends to preferred shareholders = Shares x Price per share x 8% x Number of years
= 10,600 shares x $100 x 8% x 3
= $ 254,400
Dividends allocated to common stock = Dividends to be paid in year 2022 -Dividends to preferred shareholders
= $420,000 - $ 254,400
= $165,600
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