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How much each class of shares should receive

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Problem 1: The outstanding share capital of Pronghorn Corporation consists of 3,500 shares of preferred and 6,900 common shares for which $243,400 was received. The preferred shares carry a dividend of $5 per share and have a $100 stated value. Assuming that the company has retained earnings of $71500 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are non-cumulative and non-participating.

Reference no: EM132694823

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