Answer:
$0.7676
Step-by-step explanation:
Dividend declared = $2,500,000.
Total shares of preferred stock = 240,000
Each share costs $2.10
So, Total cost of shares of preferred stock = 240,000×2.10
Dividend due to the preferred shareholders = $504,000.
Now,
Total shares of common stock = 2,600,00
Cost of shares of common stocks = Total dividend - Total cost of shares of
preferred stock
= $2,500,000-504,000
= $1,996,000
Dividend per share of common stock =$
= $0.7676