Business, 01.07.2020 15:01 nininichole431
Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2015:
Common Stock (par $8; outstanding, 30,000 shares) $ 240,000
Preferred Stock, 8% (par $10; outstanding, 6,000 shares) 60,000
Retained Earnings 280,000
On December 31, 2015, the board of directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared during 2013 or 2014 and none have been declared yet in 2015. Three independent cases are assumed:
Case A: The preferred stock is noncumulative; the total amount of 2015 dividends would be $12,600.
Case B:
The preferred stock is cumulative; the total amount of 2015 dividends would be $14,400. Dividends were not in arrears prior to 2013.
Case C: Same as Case B, except the total dividends are $66,000.
Required:
1-a.
Compute the amount of 2015 dividends, in total that would be payable to each class of stockholders if dividends were declared as described in each case.
1-b.
Compute per case, the 2015 dividends per share, payable to each class of stockholders. (Round your answers to 2 decimal places.)
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Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2015:
Commo...
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