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  3. 15 and 16 15) jersey, inc. has outstanding 300

15 and 16 15) Jersey, Inc. has outstanding 300,000 shares of...

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Accounting

15 and 16
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15) Jersey, Inc. has outstanding 300,000 shares of $3 par common stock and 100,000 shares of no-par 5% preferred stock with a stated value of $8. The preferred stock is cumulative and nonparticipating. Dividends have been paid in every year except the past three years and the current year. Assuming that $150,000 will be distributed as a dividend in the current year, how much will the preferred stockholders receive? 16) On March 1, 2021, Texas Company issued 2,500 shares of its $5 par common stock and 6,000 shares of its $8 par preferred stock for a lump sum of $250,000. At this date Texas common stock was selling for $32 per share and the preferred stock for $24 per share. The amount of the proceeds allocated to Texas' common stock should be

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