Answered step by step
Verified Expert Solution
Question
1 Approved Answer
AAA Castle Company had the following classes of shares outstanding as of December 31, 2022: 6% Preference shares, P100 par value, 1,000 shares outstanding Ordinary
AAA Castle Company had the following classes of shares outstanding as of December 31, 2022: 6% Preference shares, P100 par value, 1,000 shares outstanding Ordinary shares, P20 par value, 20,000 outstanding The last payment of preference dividends was on December 31, 2019. On December 31, 2022, total cash dividends of P90,000 was declared for shareholders of record as of December 31, 2022. Assuming preference shares are noncumulative and nonparticipating, how much cash dividends would be paid to preference and ordinary shares, respectively? P18,000 and P72,000 P6,000 and P84,000 P22,800 and P67,200 P24,000 and P66,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started