Question

Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative preferred...

Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative preferred 3% stock, $20 par, and 31,000 shares of $125 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $5,750; second year, $9,500; third year, $53,620; fourth year, $96,220. Calculate the dividends per share on each class of stock for each of the four years.

Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".

Homework Answers

Answer #1
1st year 2nd year 3rd year 4th year
Accrued at beginning 0 9250 14750 0
Preference dividend 5750 9500 29750 15000
Accrued to next year 9250 14750 0 0
(15000-5750) (9250+15000-9500)
Total dividend 5750 9500 53620 96220
Preference dividend 5750 9500 29750 15000
Common stock dividend 0 0 23870 81220
Preference dividend per share 0.23 0.38 1.19 0.6
(5750/25000) (9500/25000) (29750/25000) (15000/25000)
Common stock dividend per share 0.77 2.62
(23870/31000) (81220/31000)
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