Answer:
Bonita Corporation
Assuming that the preferred are noncumulative, the dividend that the preferred stockholders will receive is:
= $54,600.
Explanation:
a) Data and Calculations:
Outstanding 6% preferred stock = 9,100 shares
Par value of preferred stock = $100 per share
Value of preferred stock = $910,000
Fixed annual dividend when declared = $54,600 ($910,000 * 6%)
Common stock = 60,500 shares
Par value of common stock = $10 per share
Value of common stock = $605,000
Dividends declared in 2022 = $270,000
Since the preferred stock are non-cumulative, the dividend that the preferred stockholders will receive in 2022 = $54,600
The remaining $215,400 will be allocated to common stockholders at $3.56 per share ($215,400/60,500).
