Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year...

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Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 5.0% cumulative preferred stock, $100 par value; authorized, 12,000 shares; issued and outstanding, 5,000 shares Common stock, $4 par value; authorized, 400,000 shares; issued and outstanding, 240,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. $ 500,000 $ 960,000 $ 55,000 $ 1,200,000 $ 890,000 The balance in Retained Earnings at the beginning of the year was $800,000, and there were no dividends in arrears. Net income for Year 1 was $600,000. What was the amount of dividend declared on each share of common stock during Year 1? Shown below is information relating to the stockholders' equity of Grant Corporation at December 31, Year 1: 5.0% cumulative preferred stock, $100 par value; authorized, 12,000 shares; issued and outstanding, 5,000 shares Common stock, $4 par value; authorized, 400,000 shares; issued and outstanding, 240,000 shares Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings Dividends have been declared and paid for Year 1. $ 500,000 $ 960,000 $ 55,000 $ 1,200,000 $ 890,000 The balance in Retained Earnings at the beginning of the year was $800,000, and there were no dividends in arrears. Net income for Year 1 was $600,000. What was the amount of dividend declared on each share of common stock during Year 1?

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