Reference no: EM132517094
Question - The December 31, 2020 equity section of Team Inc.'s balance sheet appears below:
Team Inc. Equity section of the balance sheet December 31, 2020
Contributed capital Preferred shares, $3.75 cumulative, 40,000 shares authorized and issued Preferred shares, $10 non-cumulative, 8,000 shares authorized and issued Common shares, 400,000 authorised and issued
Total contributed capital Retained earnings Total equity
$1,660,000 670,000 1,750,000
$4,080,000 741,600 $ 4,821,600
All the shares were issued on January 01, 2018, when the corporation began operations.
No dividends had been declared during the first two years of operations, 2018 and 2019.
During 2020, the cash dividends declared and paid totaled $613,300.
Required - In a table form calculate the amount of cash dividends paid during 2020 to each of three classes of shares.
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