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Required information Skip to question [The following information applies to the questions displayed below.] On...

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Accounting

Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2022, Metco Incorporated reported 272,000 shares of $5 par value common stock as being issued and outstanding. On March 24, 2022, Metco Incorporated purchased for its treasury 2,600 shares of its common stock at a price of $38.00 per share. On August 19, 2022, 700 of these treasury shares were sold for $41.00 per share. Metco's directors declared cash dividends of $0.70 per share during the second quarter and again during the fourth quarter, payable on June 30, 2022, and December 31, 2022, respectively. A 5% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year. d. Calculate the total amount of cash dividends paid in the fourth quarter

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