Question
On March 15, 2018, Bank of America issued 94,000 shares of 5.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF for $4.23 billion. Dividends are payable
On March 15, 2018, Bank of America issued 94,000 shares of 5.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF for $4.23 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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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
