Reference no: EM133253934
In each of the following independent cases, it is assumed that the corporation has outstanding 20,000, $0.80, preferred shares, with a carrying value of $200,000, and 80,000 common shares, with a carrying value of $800,000. Although dividends have been paid regularly up to 2020, no dividends were declared in 2021 or 2022.
1. At December 31, 2023, the board of directors wants to distribute $125,000 in dividends. How much will the preferred shareholders receive if their shares are cumulative and non-participating?
2. At December 31, 2023, the board of directors wants to distribute $200,000 in dividends. How much will each class of shareholders receive if the preferred shares are cumulative and participating up to 15% in total?
3. On December 31, 2023, the preferred shareholders received an $80,000 dividend on their shares, which are cumulative and fully participating. How much money was distributed in total to each class of shareholders for dividends?
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