Question
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
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?
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
Financial Accounting Practice And Principles
Authors: Jan Bebbington, M. Richard Laughlin, Robert H. Gray, Gray Dave
3rd Edition
1861527713, 978-1861527714
