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I don't know where is the problem. I am not sure where I calculated is wrong. Cullumber Corporation began operations in 2022 with the following
I don't know where is the problem. I am not sure where I calculated is wrong.
Cullumber Corporation began operations in 2022 with the following capital structure: 1. Common shares, Class A: 7,980,000 authorized and outstanding. The Class A common shares are entitled to 10 votes per share and to receive dividends as declared by the board of directors. Total share capital for the Class A common shares at the end of the year was $15.96 million. 2. Common shares, Class B: unlimited authorized; 990,000 issued and outstanding. Class B shares are entitled to one vote per share. The Class B shares receive dividends as declared by the board of directors equal to Class A shares. Total share capital for the Class B shares at the end of the year is $34.65 million. 3. Preferred shares: unlimited authorized; 3,430,000 issued and outstanding. The cumulative participating preferred shares are non-voting and received a preferential dividend of $0.14 per share per year. Total share capital for the preferred shares as at the end of the year was $17.15 million. Assume that Cullumber has $9,980,000 available for dividend payments in 2024 . What will be the total dividend paid to each of the preferred and Class A and B common shareholders as a class and on a per-share basis? (Round pro-rata allocation rate to 5 decimal places, e.g. 12.35764\%. Round dividend per share to 2 decimal places, e.g. 15.25 and total dividend paid answers to 0 decimal places, e.g. 52,016.)Step by Step Solution
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