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Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2015: $256,000 Common Stock (par $8; outstanding, 32,000 shares) Preferred Stock, 7%

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Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2015: $256,000 Common Stock (par $8; outstanding, 32,000 shares) Preferred Stock, 7% (par $10; outstanding. 6,200 shares) Retained Earnings 62.000 282,000 On December 31, 2015, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2013 or 2014, and none have been declared yet in 2015. Three independent cases are assumed: Case A: The preferred stock is noncumulative, the total amount of 2015 dividends would be $12,800. Case B: The preferred stock is cumulative; the total amount of 2015 dividends would be $13,020. Dividends were not in arrears prior to 2013 Case C: Same as Case B, except the total dividends are $68,000. Required: 1-a. Compute the amount of 2015 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case. TIP: Preferred stockholders with cumulative dividends are to be paid dividends for any prior years (in arrears) and for the current year before common stockholders are paid. Case A Case B Case C Preferred Common Total $ $ 0 $ 0 1-b. Compute per case, the 2015 dividends per share, payable to each class of stockholders. (Round your answers to 2 decimal places.) Case A Case B Case C Preferred (per share) Common (per share)

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