Required information [The following information applies to the questions displayed below] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively. Total stockholders' equity $16,800,000 Total cash dividend 26,100,000 36,200,000 (4,412,000) ? April 30, 2019 $16,800,000 2,700,000 23,220,000 34,640,000 (4.148,000) $73,212,000 Assume that on June 1 the board of directors declared a cash dividend of $0.60 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15 e-1. Calculate the total amount of the dividend.
Required information [The following information applies to the questions displayed below] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively. Total stockholders' equity $16,800,000 Total cash dividend 26,100,000 36,200,000 (4,412,000) ? April 30, 2019 $16,800,000 2,700,000 23,220,000 34,640,000 (4.148,000) $73,212,000 Assume that on June 1 the board of directors declared a cash dividend of $0.60 per share on the outstanding shares of common stock. The dividend will be payable on July 15 to stockholders of record on June 15 e-1. Calculate the total amount of the dividend.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Paid-in capital:
Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized,
140,000 shares issued and outstanding
Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000
shares issued, respectively.
Additional paid-in capital.
Retained earnings
Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares,
respectively
Total stockholders' equity.
May 31, 2019
Total cash dividend
$16,800,000
?
26,100,000
36,200,000
(4,412,000)
$
?
April 30, 2019
$16,800,000
2,700,000
23,220,000
34,640,000
(4,148,000)
$73,212,000
Assume that on June 1 the board of directors declared a cash dividend of $0.60 per share on the outstanding shares of common
stock. The dividend will be payable on July 15 to stockholders of record on June 15
e-1. Calculate the total amount of the dividend.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb59d7882-5e1a-4e96-8617-c38e97c9150c%2Fe016b0d7-78f0-48bd-9e16-efe204439c8f%2Fm495sppq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:
Paid-in capital:
Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized,
140,000 shares issued and outstanding
Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000
shares issued, respectively.
Additional paid-in capital.
Retained earnings
Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares,
respectively
Total stockholders' equity.
May 31, 2019
Total cash dividend
$16,800,000
?
26,100,000
36,200,000
(4,412,000)
$
?
April 30, 2019
$16,800,000
2,700,000
23,220,000
34,640,000
(4,148,000)
$73,212,000
Assume that on June 1 the board of directors declared a cash dividend of $0.60 per share on the outstanding shares of common
stock. The dividend will be payable on July 15 to stockholders of record on June 15
e-1. Calculate the total amount of the dividend.
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