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borishaifa [10]
2 years ago
10

. At December 31, 2015, Xerox reports $349 million of 8% Series A Convertible Preferred stock. What is the dollar amount of divi

dends that Xerox must pay on this stock (assume a par value of $100 per share)
Business
1 answer:
r-ruslan [8.4K]2 years ago
5 0

Answer:

=  $27,920,000.00

Explanation:

<em>A preferred stock is that which pays a fixed percentage of its nominal  value as dividend. A preferred stock ranks ahead of common stock in the payment of dividends and settlement of claims in the event of liquidation.</em>

<em>However, preference dividends are paid out of profit only after the interest claims of loan creditors have been settled</em>

The total amount of preference dividends payable by Xerox

= 8% × 349,000,000

=  $27,920,000.00

Preference dividends = =  $27,920,000.00

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