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Imaging Inc., a developer of radiology equipment, has stockoutstanding as follows: 16,000 shares of...

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Accounting

Imaging Inc., a developer of radiology equipment, has stockoutstanding as follows: 16,000 shares of cumulative preferred 3%stock, $120 par, and 53,000 shares of $15 par common. During itsfirst four years of operations, the following amounts weredistributed as dividends: first year, $38,560; second year,$86,640; third year, $112,970; fourth year, $147,700. Compute thedividends per share on each class of stock for each of the fouryears. Round all answers to two decimal places. If no dividends arepaid in a given year, enter "0". 1st Year 2nd Year 3rd Year 4thYear Preferred stock (dividend per share) $ $ $ $ Common stock(dividend per share) $ $ $ $

Answer & Explanation Solved by verified expert
3.9 Ratings (416 Votes)

1st year

2nd year

3rd year

4th year

Preferred Dividend per share

$                         2.41

$                    4.79

$                   3.60

$                   3.60

Common Stock per share

$                              -  

$                    0.19

$                   1.04

$                   1.70

--Working

Par Value per Preferred Share

Dividend rate

Dividend per Preferred Share

No. of Preferred Shares

Preferred Dividend

Annual Preferred Dividend:

$                        120

3.00%

$                   3.600

                    16,000

$            57,600.00

Total Cash Dividend paid

Paid to Preferred

Paid to Common

Dividends in Arrears at Year end

Year 1

$           38,560.00

$           38,560.00

$                          -  

$          19,040.00

Year 2

$            86,640.00

$           76,640.00

$           10,000.00

$                          -  

Year 3

$          112,970.00

$           57,600.00

$           55,370.00

$                          -  

Year 4

$          147,700.00

$           57,600.00

$           90,100.00

$                          -  

TOTAL

$          385,870.00

$        230,400.00

$        155,470.00

$                          -  

1st year

2nd year

3rd year

4th year

Preferred Dividend:

Total

$              38,560.00

$          76,640.00

$         57,600.00

$        57,600.00

Dividend per share

$                         2.41

$                    4.79

$                   3.60

$                   3.60

Common Stock Dividend:

Total

$                              -  

$          10,000.00

$         55,370.00

$        90,100.00

Dividend per share

$                              -  

$                    0.19

$                   1.04

$                   1.70

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In: AccountingImaging Inc., a developer of radiology equipment, has stockoutstanding as follows: 16,000 shares of cumulative...Imaging Inc., a developer of radiology equipment, has stockoutstanding as follows: 16,000 shares of cumulative preferred 3%stock, $120 par, and 53,000 shares of $15 par common. During itsfirst four years of operations, the following amounts weredistributed as dividends: first year, $38,560; second year,$86,640; third year, $112,970; fourth year, $147,700. Compute thedividends per share on each class of stock for each of the fouryears. Round all answers to two decimal places. If no dividends arepaid in a given year, enter "0". 1st Year 2nd Year 3rd Year 4thYear Preferred stock (dividend per share) $ $ $ $ Common stock(dividend per share) $ $ $ $

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