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Problem 10-87A (Algorithmic) Preferred Dividends Prestige Investments had the following preferred stock outstanding at...

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Accounting

Problem 10-87A (Algorithmic)
Preferred Dividends
Prestige Investments had the following preferred stock outstanding at the end of a recent year:
$25 par, 10%
$35 par, 8%, cumulative
$50 par, 12%, cumulative, convertible
$80 par, 11%, nonparticipating
6,000 shares
11,000 shares
2,000 shares
15,000 shares
Required:
Determine the amount of annual dividends on each issue of preferred stock and the total annual dividend on all four issues.
Issue 1( $25 par, 10%) of preferred stock
Issue 2( $35 par, 8%, cumulative) of preferred stock
Issue 3( $50 par, 12%, cumulative, convertible) of preferred stock
Issue 4( $80 par, 11%, nonparticipating) of preferred stock
Total annual dividend
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