Massive Corp. is authorized to issue unlimited $0.60 no-par preferred shares and unlimited no-par common shares. There are 20,000 preferred and 60,000 common shares outstanding. In a five-year period, annual dividends paid were $1,000, $5,000, $81,000, $5,000, and $162,000, respectively. Required: Calculate the amount of dividends that would be paid to each share class for each year under the following separate cases. Where applicable, the matching dividend per common share is $1.0. Case A Preferred shares are cumulative and non-participating. * Answer is complete but not entirely correct. Total Year Preferred Common Paid 1 Partial $ 10,000 X S 1,000 O 2 Partial S 5,000 OS 5,000 O 3 Arrears 18,000 O Current 12,000 O 51,000 Total $81,000 S 30,000 $ 51,000 4 Partial S 5,000 O 5,000 O 5 Arrears 7,000 O Current 12,000 O 143,000 O Total 19,000 $ 143,000 162,000

Massive Corp. is authorized to issue unlimited $0.60 no-par preferred shares and unlimited no-par common shares. There are 20,000 preferred and 60,000 common shares outstanding. In a five-year period, annual dividends paid were $1,000, $5,000, $81,000, $5,000, and $162,000, respectively. Required: Calculate the amount of dividends that would be paid to each share class for each year under the following separate cases. Where applicable, the matching dividend per common share is $1.0. Case A Preferred shares are cumulative and non-participating. * Answer is complete but not entirely correct. Total Year Preferred Common Paid 1 Partial $ 10,000 X S 1,000 O 2 Partial S 5,000 OS 5,000 O 3 Arrears 18,000 O Current 12,000 O 51,000 Total $81,000 S 30,000 $ 51,000 4 Partial S 5,000 O 5,000 O 5 Arrears 7,000 O Current 12,000 O 143,000 O Total 19,000 $ 143,000 162,000

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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