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svetoff [14.1K]
3 years ago
5

Cork Inc. declared a $160,000 cash dividend. It currently has 6,000 shares of 7%, $100 par value cumulative preferred stock outs

tanding. It is one year in arrears on its preferred stock. How much cash will Cork distribute to the common stockholders?a. $88,000.
b. $72,000.
c. $124,000.
Business
1 answer:
Ira Lisetskai [31]3 years ago
5 0

Answer:

$124,000 is the correct answer if we use 6% which is the correct question scenario. If we take 7% then its

Explanation:

The cash dividend announced is $160,000. Remember the first payment goes to preferred shareholders and then the amount left would be distributed among the ordinary shareholders.

The dividend share of Preferred shareholders = 6000 shares * $100 par value * 6% fixed rate = $36,000

After deducting this amount from the dividend announce will go to ordinary shareholders and is calculated as under:

Share of Dividend of ordinary shareholders = $160,000 - $36,000

= $124,000

Similarly if we use 7% fixed rate, then

The dividend share of Preferred shareholders = 6000 shares * $100 par value * 7% fixed rate = $42,000

After deducting this amount from the dividend announce will go to ordinary shareholders and is calculated as under:

Share of Dividend of ordinary shareholders = $160,000 - $42,000

= $124,000

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