The outstanding share capital of Concord Corporation consists of 3,200 shares of preferred and 7,400 common shares for which $281,200 was received. The preferred shares carry a dividend of $6 per share and have a $100 stated value.

Assuming that the company has retained earnings of $105,200 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 3 years preceding the current year, state how much each class of shares should receive if the preferred shares are non-cumulative and non-participating.

		Preferred		Common		Total
Dividends

Assuming that the company has retained earnings of $105,200 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 3 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and non-participating.

		Preferred		Common		Total
Dividends

Assuming that the company has retained earnings of $105,200 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 3 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and participating. (Round answers to 0 decimal places, e.g. 5,275.)

		Preferred		Common		Total
Dividends

Assume that Concords current year net income was $95,800. Calculate the current year payout ratio under each of the conditions below. (Round answers to 2 decimal places, e.g. 52.75.)

				Payout Ratio
(a)		The preferred shares are non-cumulative and non-participating.
(b)		The preferred shares are cumulative and non-participating.
(c)		The preferred shares are cumulative and participating.