The outstanding capital stock of Concord Corporation consists of 2,000 shares of $100 par value, 7% preferred, and 4,600 shares of $50 par value common. Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. a. The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) $ Preferred $ Preferred Common b. The preferred stock is cumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) Common

The outstanding capital stock of Concord Corporation consists of 2,000 shares of $100 par value, 7% preferred, and 4,600 shares of $50 par value common. Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the following conditions. a. The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) $ Preferred $ Preferred Common b. The preferred stock is cumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.) Common

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 26P

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Question

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Intermediate Accounting 105

May I please have an explanation with solution for the exercise?

Thank you

The outstanding capital stock of Concord Corporation consists of 2,000 shares of $100 par value, 7% preferred, and 4,600 shares of
$50 par value common.
Assuming that the company has retained earnings of $82,000, all of which is to be paid out in dividends, and that preferred dividends
were not paid during the 2 years preceding the current year, state how much each class of stock should receive under each of the
following conditions.
a. The preferred stock is noncumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.)
$
GA
GA
Preferred
b. The preferred stock is cumulative and nonparticipating. (Round answers to O decimal places, e.g. 38,487.)
$
Preferred
$
Preferred
$
Common
c. The preferred stock is cumulative and participating. (Round the rate of participation to 4 decimal places, e.g. 1.4278%. Round answers to
decimal places, e.g. 38,487.)
LA
Common
Common

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