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The shareholders' equity of Nick Co. includes the items shown below. The board of directors of Nick declared cash dividends of $3.2 million, $17.0 million,
The shareholders' equity of Nick Co. includes the items shown below. The board of directors of Nick declared cash dividends of $3.2 million, $17.0 million, and $46.0 million in each of its first 3 years of operation: 2016, 2017, and 2018, respectively. Common stock, $1 par, 50,000,000 shares outstanding Preferred stock, 6%, $100 par, 1,000,000 shares outstanding Required: Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is noncumulative and nonparticipating.
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