The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 49,000 shares outstanding Preferred stock, 8 percent, $9 par value, 9,000 shares outstanding Retained earnings, $231,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $71,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share Preferred stock $ 35,280 $ Common stock 64,520

The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year: Common stock, $11 par value, 49,000 shares outstanding Preferred stock, 8 percent, $9 par value, 9,000 shares outstanding Retained earnings, $231,000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $71,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Noncumulative: Total Per share Cumulative: Total Per share Preferred stock $ 35,280 $ Common stock 64,520

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...

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The records of Seahawks Company reflected the following balances in the stockholders' equity accounts at the end of the current year. Common stock, $11 par value, 44,000 shares outstanding Preferred stock. 8 percent. $9 par value, 5,000 shares outstanding Retained earnings, $235.000 On September 1 of the current year, the board of directors was considering the distribution of a(n) $73,000 cash dividend. No dividends were paid during the previous two years. You have been asked to determine dividend amounts under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. Required: 1. Determine the total and per share amounts that would be paid to the common stockholders and the preferred stockholders under the two independent assumptions. Note: Round your "per share" amounts to 2 decimal places. Answer is complete but not entirely correct. Preferred stock Noncumulative Total Per share Cumulative Total Per share $ $ S $ Common stock 3,520$…