The board of directors of Tru Corporation declared cash dividends of $4.4 million, $9.0 million, and $51.0 million in each of its first 3 years of operation: 2019, 2020, and 2021, respectively.  The shareholders' equity of Tru Corporation includes the items shown below.    Common stock, $1 par, 50,000,000 shares outstanding Preferred stock, 5%, $100 par, 1,000,000 shares outstanding   Required: Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is noncumulative and nonparticipating. (Round your answer to 2 decimal places.  For instance, if your answer is $12 per share, write 12.00.  If your answer is 32 cents per share, write 0.32)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The board of directors of Tru Corporation declared cash dividends of $4.4 million, $9.0 million, and $51.0 million in each of its first 3 years of operation: 2019, 2020, and 2021, respectively.  The shareholders' equity of Tru Corporation includes the items shown below. 
 
Common stock, $1 par, 50,000,000 shares outstanding
Preferred stock, 5%, $100 par, 1,000,000 shares outstanding
 
Required:
Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is noncumulative and nonparticipating. (Round your answer to 2 decimal places.  For instance, if your answer is $12 per share, write 12.00.  If your answer is 32 cents per share, write 0.32).
 

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