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The outstanding capital stock of Edna Millay Corporation consists of 2,300 shares of $101 par value, 7% preferred, and 5,600 shares of $58 par value
The outstanding capital stock of Edna Millay Corporation consists of 2,300 shares of $101 par value, 7% preferred, and 5,600 shares of $58 par value common. Assuming that the company has retained earnings of $110,000, all of which is to be paid out in dividends, and that preferred dividends were not paid preceding the current year, state how much each class of stock should receive under each of the following conditions. The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) The preferred stock is cumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 0 decimal places, e.g. $38,487.)
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