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The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $ 1

The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year:
Common stock, $10 par value, 42,000 shares outstanding
Preferred stock, 10 percent, $8 par value, 10,000 shares outstanding
Retained earnings, $216,000
On September 1 of the current year, the board of directors was considering the distribution of a(n) $69,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions:
The preferred stock is noncumulative.
The preferred stock is cumulative.
Required:
1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions.
Note: Round your "per share" amounts to 2 decimal places.The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of
the current year:
Common stock, $10 par value, 42,000 shares outstanding
Preferred stock, 10 percent, $8 par value, 10,000 shares outstanding
Retained earnings, $216,000
On September 1 of the current year, the board of directors was considering the distribution of a(n) $69,000 cash
dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts
under two independent assumptions:
a. The preferred stock is noncumulative.
b. The preferred stock is cumulative.
Required:
Determine the total and per share amounts that would be paid to the common stockholders and the preferred
stockholders under the two independent assumptions.
Note: Round your "per share" amounts to 2 decimal places.
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