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The shareholders' equity of Kramer Industries includes the data shown below. During 2012, cash dividends of $210 million were declared. Dividends were not declared in 2010 or 2011.
($ in millions) Common stock $ 250 Paid-in capital-excess of par, common 800 Preferred stock, 11%, nonparticipating 125 Paid-in capital-excess of par, preferred 270
Required:
Determine the amount of dividends payable to preferred shareholders and to common shareholders under each of the following two assumptions regarding the characteristics of the preferred stock.
Assumption A - The preferred stock is noncumulative.
Assumption B - The preferred stock is cumulative.
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