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Answer:
- $855,000
- Dividend per share of common stock = $1.06
Step-by-step explanation:
1. Preferred Share dividends.
There are 300,000 preference shares and each of them got $2.85. Total dividends are;
= 300,000 * 2.85
= $855,000
2. Total dividends = $3,500,000
Dividends left for Common Shareholders (preference gets paid first)
= 3,500,000 - 855,000
= $2,645,000
Common shares number 2,500,000
Dividend per share of common stock =
= $1.06