Exercise 8-16 (Static) Preferred stock-calculate dividend amounts LO 8-2 Dedrick incorporated did not pay dividends...
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Exercise 8-16 (Static) Preferred stock-calculate dividend amounts LO 8-2 Dedrick incorporated did not pay dividends in 2021 or 2022 , even though 60,000 shares of its 7.5%,$50 par value cumulative preferred stock were outstanding during those years. The company has 900,000 shares of $2 par value common stock outstanding Required: a. Caiculate the annual dividend per share obligation on the proforred stock Note: Round your answer to 2 decimal ploces. b. Calculate the amount that would be received by an investor who has owned 3,100 shares of preferred stock and 29,000 shares of common stock since 2020 if a $0.40 per share dividend on the common stock is paid at the end of 2023. Note: Do not round intermediate calculations
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