Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating. (Round your answer to 2 decimal places. For instance, if your answer is $12 per share, write 12.00. If your answer is 32 cents per share, write 0.32).
The board of directors of Builders Equipment Corporaion (BEC) declared cash dividends of $2.1 million, $7.0 million, and $48.4 million in each of its first three years of operation: 2019, 2020, and 2021, respectively. BEC's shareholders' equity includes the items shown below.
Common stock, $1 par, 50,000,000 shares outstanding
Preferred stock, 7%, $100 par, 1,000,000 shares outstanding
Required:
Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating. (Round your answer to 2 decimal places. For instance, if your answer is $12 per share, write 12.00. If your answer is 32 cents per share, write 0.32).
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