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Having trouble finding these two... Thanks Martinez Company's ledger shows the following balances on December 31, 2020. 4% Preferred Stock-$10 par value, outstanding 21,200 shares
Having trouble finding these two... Thanks
Martinez Company's ledger shows the following balances on December 31, 2020. 4% Preferred Stock-$10 par value, outstanding 21,200 shares Common Stock-$100 par value, outstanding 27,800 shares Retained Earnings $ 212,000 2,780,000 684,000 Assuming that the directors decide to declare total dividends in the amount of $335,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. (a) The preferred stock is cumulative and fully participating. (Round the rate of participation to 4 decimal places, eg. 1.4278%. Round answers to 0 decimal places, eg. $38,487.) Preferred Common $ $ (b) The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, eg. $38,487.) Preferred Common $ 8480 $ 326520 (c) The preferred stock is noncumulative and is participating in distributions in excess of a 6% dividend rate on the common stock. (Round the rate of participation to 4 decimal places, e.g. 1.4278%. Round answers to O decimal places, e.g. $38,487.) Preferred Common $ $Step by Step Solution
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