No dividends were declared in 2022 or 2023; however, in 2024, cash dividends of $5,338,950 were declared. Calculate how much would be paid to each class of shares. Arrears 2022 Arrears 2023 Current 2024 $ $ Preferred $ $ Common $ $ Total

No dividends were declared in 2022 or 2023; however, in 2024, cash dividends of $5,338,950 were declared. Calculate how much would be paid to each class of shares. Arrears 2022 Arrears 2023 Current 2024 $ $ Preferred $ $ Common $ $ Total

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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Question

Sunland Limited reported the following items in shareholders' equity on December 31, 2024:

Share capital: Preferred shares, $5 cumulative dividend, 145,000 shares issued and outstanding. $14,500,000

Share capital: Common shares, 711,000 issued and outstanding. $28,440,000

Retained earnings. $26,830,000

No dividends were declared in 2022 or 2023; however, in 2024, cash dividends of $5,338,950 were declared. Calculate how much
would be paid to each class of shares.
Arrears 2022
Arrears 2023
Current 2024
$
Preferred
tA
Common
$
$
Total

Assuming that the number of common shares remained constant throughout 2024, what was the cash dividend per share
distributed to the common shareholders? (Round answer to 2 decimal places, e.g. 4.62.)
Cash dividend per share
$

Definition Definition Type of stock which is granted priority over dividend distributions as compared to common stockholders. Preferred stocks also do not carry any voting rights. Notably, in a case where a company is going to be liquidated, preferred stockholders have a priority claim on the value of assets of the company as quoted in the balance sheet, as compared to the common stockholders.

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Step 2: Calculation of Annual Dividend Payable to Preferred Shareholders

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