Calculate the annual cash dividends required to be paid for each of the following preferred...
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Accounting
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:
Required:
a. $4.75 cumulative preferred, no par value; 400,000 shares authorized, 325,000 shares issued. (The treasury stock caption of the stockholders' equity section of the balance sheet indicates that 40,600 shares of this preferred stock issue are owned by the company.
b. 5%, $50 par value preferred, 200,000 shares authorized, 172,000 shares issued, and 68,500 shares outstanding.
