Reference no: EM133085338
Question - The preferred shares are non-cumulative. The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31 of the current year:
Common shares, no par value, 40,500 shares outstanding $850,500
Preferred shares, $3, no par value, 6,200 shares outstanding 151,000
Retained earnings 237,000
On September 1 of the current year, the board of directors was considering the distribution of a $69,630 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions (show computations):
The preferred shares are cumulative.
Determine the total amounts that would be paid to the preferred shareholders and to the common shareholders under the two independent assumptions.
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