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Massive Corp. is authorized to issue unlimited $0.60 no-par preferred shares and unlimited no-par common shares. There are 16,000 preferred and 48,000 common shares outstanding. In a five-year period, annual dividends paid were $3,000, $3,000, $85,000, $4,000, and $170,000, respectively.
1
Total Paid Preferred Common
Current
°. $ 3,000 $ 3,000
$ 0
2
$ 3,000r $ 3,000
$
3
¦
$ 9,600
Matching
¦ 48,000
Balance
Total
$ 57,600
$ 9,600 $ 48,000
4
b $ 4,000r
$ 4,000
r $ 01
5
¦ $ 9,600
°. $ 0
48,000
Required:
Question 1: Calculate the amount of dividends that would be paid to each share class for each year under the following separate cases. Where applicable, the matching dividend per common share is $1.00.
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