Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1.77,000 shares of $7 par common stock. 2.9,000 shares of $70 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock
Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1.77,000 shares of $7 par common stock. 2.9,000 shares of $70 par, 7 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1.
1.77,000 shares of $7 par common stock.
2.9,000 shares of $70 par, 7 percent, noncumulative preferred stock.
On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $4 per share dividend
for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20.
Required
Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders.
Preferred stock
Common stock
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