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lora16 [44]
3 years ago
9

Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative preferred 3% stock, $

25 par, and 31,000 shares of $100 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $7,250; second year, $11,750; third year, $62,360; fourth year, $104,000. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
Business
1 answer:
vaieri [72.5K]3 years ago
4 0

Answer and Explanation:

The computation of the dividend per share for each class of stock for four years are as follows

Preferred stock

= 25,000 shares × $25 × 3%

= $18,750

The dividend per share is

= $18,750 ÷ 25,000 shares

= $0.75

Now for the first year

= $7,250 ÷ 25,000

= $0.29

And the 0 is for Common  stockholders

For the second year  

Preferred stock  

=  $11,750 ÷ $25,000

= $0.47

And the 0 is for Common  stockholders

For the third year

Preferred  stock

= $0.46 + $0.28 + $0.75

= $1.49

And for the Common stockholders

= $27,900 ÷ 31,000  shares

= $0.9

For the fourth year

Preferred stock = $0.75

And, for the common stockholders

= $94,860 ÷ 31,000 shares

= $3.06

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