A-7 Sunland Company has outstanding 2,800 shares of $100 par, 7% preferred stock and 15,900 shares of $10 par value common. Thefollowing schedule shows the amount of dividends paid out over the last 4 years.Allocate the dividends to each type of stock under assumptions (a) and (b). Express your answers in per share amounts using theformat shown below. (Round the rate of participation to 4 decimal places, e.g.1.4278%. Round answers to 2 decimal places, e.g. 6.85.)id-ut1,200200$1,500LA$1,800 $$Preferred, noncumulative,and nonparticipatingPreferred122001960019600(a)19600$$$$CommonAssumptions096003420058900$$$PreferredPreferred, cumulative,and fully participating122001960019600(b)19600$$$$Common096034205890

The preferred shares are the shares issued by the company to raise capital. The preferred stock…

Answered: Allocate the dividends to each type of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Allocate the dividends to each type of stock under assumptions (a) and (b). Express your answers in per share amounts using the format shown below. (Round the rate of participation to 4 decimal places, e.g. 1.4278%. Round answers to 2 decimal places, e.g. 6.85.)