Reference no: EM132972105
Athleetz, Inc., [AI] reported 2,000,000 no par common shares and 1,000,000 no par, $0.90 preferred shares authorized, on January 1, 2018. On the same date, 300,000 common shares [contributed capital $3,600,000] and 175,000 preferred shares [contributed capital $3,500,000] were outstanding.
Assume that the preferred shares were non-cumulative and non-participating. The company declared and paid a cash dividend on December 1, 2018 of $658,800. Dividends had not been declared for the past two years, 2016 and 2017.
Problem 1: However, now assume that for this question only that the preferred shares were non-cumulative and fully participating. How much will each shareholder group receive?
a. All $658,800 to Common since the Preferred are non-participating.
b. Each group receives an equal amount of $329,400 per group.
c. $242,716 to Preferred and $416,084 to Common.
d. $324,761 to Preferred and $334,039 to Common.
e. None of the above.
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