Question
Identifying and Analyzing Financial Statement Effects of Cash Dividends On its Form 10-K for the year ended December 31, 2015, Bank of America Corp. reported
Identifying and Analyzing Financial Statement Effects of Cash Dividends On its Form 10-K for the year ended December 31, 2015, Bank of America Corp. reported the following relating to dividends on its Series 5 Floating Rate Non-Cumulative Preferred stock.
| Dividend Payment Date | Dividend Per Share | |||
|---|---|---|---|---|
| 22-Feb-16 | 0.25556 | |||
| 23-Nov-15 | 0.25556 | |||
| 21-Aug-15 | 0.25556 | |||
| 21-May-15 | 0.24722 | |||
| 23-Feb-15 | 0.25556 | |||
There were 14,058 million shares of this preferred stock outstanding throughout the year. Determine the total dividends that Bank of America paid during fiscal 2015. Round answer to the nearest million.
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
Advanced Financial Accounting
Authors: Richard Lewis, David Pendrill
5th Edition
0273622919, 978-0273622918
