Problem $8\mathrm{.}26$

Common and preferred stock$-$issuances and dividends Permabilt Corp. was incorporated on January $1,2022,$ and issued the following stock for cash:

$2,000,000$ shares of no$-$par common stock were authorized; $750,000$ shares were issued on January $1,2022,$ at $$35$ per share.

$$00,000$ shares of $$100$ par value, $7\mathrm{.}5\%$ cumulative, preferred stock were authorized; $540,000$ shares were issued on January $1,2022,$ at $$105$ per share.

No dividends were declared or paid during $2022$ or $2023.$ However, on December $22,2024,$ the board of directors of Permabilt Corp. declared dividends of $$15,000,000,$

payable on February $12,2025,$ to holders of record as of January &$,2025.$

Required:

a$.$ Use the horizontal model $($or write the entry$)$ to show the effects of:

The issuance of common stock and preferred stock on January $1,2022.$

The declaration of dividends on December $22,2024.$

The payment of dividends on February $12,2025.$

b$.$ Of the total amount of dividends declared during $2024,$ how much will be received by preferred shareholders?

c$.$ Calculate the common stock dividends per share declared during $2024.$