Calculate the dividend per share of common stock

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Question - The board of directors of Midwest Foods has declared a dividend of $3,500,000. The company has 300,000 shares of preferred stock that pay $2.85 per share and 2,500,000 shares of common stock. After first finding the amount of dividends due to the preferred shareholders, calculate the dividend per share of common stock.

A. $1.06

B. $1.57

C. $13.50

D. $4.50

Reference no: EM132251768

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