Dedrick Inc. did not pay dividends in 2021 or 2022, even though 60,000 shares of its 7.5%,
Question:
Dedrick Inc. 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. Calculate the annual dividend per share obligation on the preferred stock.
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.
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a Annual dividend per share Dividend rate x par value 75 x 50 375 b Preferred div...View the full answer
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