Reference no: EM13824286
A portion of the stockholders' equity section from the balance sheet of Walland Corporation appears as follows:
Preferred stock, 9% cumulative, $50 par, 40,000 shares authorized, issued and outstanding- $2,000,000
Preferred stock, 12% non-cumulative, $100 par, 8,000 shares authorized, issued, &outstanding- $800,000
Common Stock, $5 par, 400,000 shares authorized, issued & outstanding- $2,000,000
Total paid in capital- $4,800,000
Assume that all the stock was issued on January 1 and that no dividends were paid during the first two years of operation. During the third year, Wall and Corporation paid total cash dividends of $736,000.
A. Compute the amount of cash dividends paid during the 3rd year to each of three classes of stock.
Cumulative Dividends-
Non-Cumulative Dividends-
Common Stock-
B. Computer the dividends paid per share during the 3rd year for each of the 3 classes of stock.
Cumulative Dividends- Per share
Non-Cumulative Dividends- Per share
Common Stock- Per share
c. What was the average issue price of each type of preferred stock?
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