Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 4% stock, $20 par, and 13,000 shares of $75 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $3,000; second year, $5,000; third year, $26,790; fourth year, $44,660. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0". Please donot provide solution in image format and provide solution in step by step format and asap
Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 4% stock, $20 par, and 13,000 shares of $75 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $3,000; second year, $5,000; third year, $26,790; fourth year, $44,660. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0". Please donot provide solution in image format and provide solution in step by step format and asap
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 4% stock, $20 par, and 13,000 shares of $75 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $3,000; second year, $5,000; third year, $26,790; fourth year, $44,660. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
Please donot provide solution in image format and provide solution in step by step format and asap
Transcribed Image Text:Learning Objective 2
Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 4% stock, $20 par, and 13,000 shares of $75 par common. During.
its first four years of operations, the following amounts were distributed as dividends: first year, $3,000; second year, $5,000; third year, $26,790; fourth year, $44,660.
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".
1st Year
3rd Year
4th Year
Preferred stock (dividend per share)
Common stock (dividend per share)
$
$
0.30
0
✓
✓
2nd Year
0.50
$
$
1.60 ✔
0.91 X
$
0.8 ✓
3.09
X
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