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Question - Payout Ratio and Book Value per Share - Divac Company has developed a statement of stockholders' equity for the year 2017 as follows:
Preferred Stock
Paid-In Capital- Preferred
Common Stock
Paid-In Capital- Common
Retained Earnings
Balance, Jan. 1
$100,000
$50,000
$400,000
$40,000
$200,000
Stock issued
100,000
10,000
Net income
72,000
Cash dividend
-62,000
Stock dividend
5,000
-15,000
Balance, Dec. 31
$110,000
$55,000
$500,000
$195,000
Divac's preferred stock is $100 par, 8% stock. If the stock is liquidated or redeemed, stockholders are entitled to $120 per share. There are no dividends in arrears on the stock. The common stock has a par value of $5 per share. Assume that the common stockholders have a right to the total net income of $72,000.
Required -
1. Determine the dividend payout ratio for the common stock. Round the payout ratio to four decimal places, but enter as a percentage to two decimal places. For example, .34678 rounds to .3468 and would be entered as 34.68, indicating 34.68%.
2. Determine the book value per share of Divac's common stock. Round the book value per share to two decimals.
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