Question
Identifying and Analyzing Financial Statement Effects of Cash Dividends On March 15, 2018, Bank of America issued 94,000 shares of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred
Identifying and Analyzing Financial Statement Effects of Cash Dividends
On March 15, 2018, Bank of America issued 94,000 shares of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF for $2.35 billion. Dividends are payable semiannually on or about March 15 and September 15.
a. Assume the stock was issued at face value. What is the face value of each Series FF share?
b. What will be the total dividend for the year ended December 31, 2018, assuming that the number of shares remains unchanged?
Enter answer in millions.Round answer to the nearest million.
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Payroll Accounting 2020
Authors: Bernard J. Bieg, Judith A. Toland
30th edition
357117174, 978-0357117170
