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What is the feature of the preference shares

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Question - On December 31, 2020, the shareholders' equity of BSA Corporation showed 10,000 shares P1,000 par value 6% Preference Share, 1,000 shares issued and outstanding; Share Premium-Preference P300,000; 500,000 shares P5 par value Ordinary shares authorized, 200,000 shares issued, 190,000 shares outstanding; Share Premium-Ordinary P400,000, Retained Earnings P500,000 and Treasury Stock P100,000. No dividends were declared in 2018 and 2019. The treasury shares were reissued at P12 per share. The board declared P300,000 cash dividend. If each ordinary share will receive P0.77, what is the feature of the preference shares?

A) Cumulative and Participating

B) Noncumulative and nonparticipating

C) Noncumulative and Participating

D) Cumulative and Nonparticipating

Reference no: EM133113471

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