Answer:
total dividends distributed to common stockholders = $42,294.12
dividend per common stock = $42,294.12 / 12,000 = $3.52
Explanation:
allocated preferred dividends = 5,000 x $20 x 7% = $7,000
dividends directly allocated to common stockholders = $7,000 (same as above)
total dividends declared - allocated dividends = $64,000 - $14,000 = $50,000
total common + preferred stocks = 5,000 + 12,000 = 17,000
dividends per stock = $50,000 / 17,000 = $2.9412
dividends distributed to common stockholders = $42,294.12
dividends distributed to preferred stockholders = $21,705.88
dividend per common stock = $42,294.12 / 12,000 = $3.52
