FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pronghorn Corp. has 6,000 preferred shares outstanding ($3.00 dividend), which were issued for $180,000, and 50,000 common shares, which were issued for $520,000. The following schedule shows the amount of dividends paid out over the past four years. Allocate the dividends to each type of share under assumptions (a) and (b). Express your answers in per-share amounts and using the format that is shown. (Round intermediate calculations to 5 decimal places, e.g. 0.15647 and final answers to 2 decimal places, e.g. 52.75. Do not leave any answer field blank. Enter O for amounts.) Year Paid-out 2020 $15,900 +A $ (a) Preferred, non-cumulative, Preferred and non-participating 2.65 +A $ Common Assumptions 0 $ Preferred (b) Preferred, cumulative, and fully participating 2.65 $ Common 0 2021 $32,000 $ 3 $ 0.28 $ 3.35 $ 0.24 3 SA $ 1.24 $ +A 2022 $80,000 +A 2023 $146,000 $ 3 +A $ 2.56 5.55 +A $ 0.93 SA $ 19.55 $ 0.57
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Transcribed Image Text:Pronghorn Corp. has 6,000 preferred shares outstanding ($3.00 dividend), which were issued for $180,000, and 50,000 common shares, which were issued for $520,000. The following schedule shows the amount of dividends paid out over the past four years. Allocate the dividends to each type of share under assumptions (a) and (b). Express your answers in per-share amounts and using the format that is shown. (Round intermediate calculations to 5 decimal places, e.g. 0.15647 and final answers to 2 decimal places, e.g. 52.75. Do not leave any answer field blank. Enter O for amounts.) Year Paid-out 2020 $15,900 +A $ (a) Preferred, non-cumulative, Preferred and non-participating 2.65 +A $ Common Assumptions 0 $ Preferred (b) Preferred, cumulative, and fully participating 2.65 $ Common 0 2021 $32,000 $ 3 $ 0.28 $ 3.35 $ 0.24 3 SA $ 1.24 $ +A 2022 $80,000 +A 2023 $146,000 $ 3 +A $ 2.56 5.55 +A $ 0.93 SA $ 19.55 $ 0.57
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