Andrews Company has 80,000 available to pay dividends. It has 2,000 shares of 10%, $100 par, preferred stock and 30,000 shares of $10 par common stock outstanding. The preferred stock is selling for $125 per share, and common stock is selling for $20 per share.

Required

Determine the amount of dividends to be paid to each class of shareholder for each of the following independent assumptions. If an amount box required no entry, leave blank.

a. Preferred stock is nonparticipating and noncumulative.

Andrews Company

Schedule of dividends to be paid

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Preferred Common

Preferred dividend

Remainder

Total

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