Assume the same information for Hedley Corporation as in BE17 2 except that the preferred shares are cumulative and the dividends have not yet been declared or paid In BE17 2 Hedley Corporation had 2014 net income of $1 4 million During 2014, Hedley paid a dividend of $5 per share on 100,000 preferred shares Hedley also had 220,000 common shares outstanding during the year

Question: Assume the same information for Hedley Corporation as in BE17-2 except that the preferred shares are cumulative and the dividends have not yet been declared

Assume the same information for Hedley as in BE17-2 except that the preferred shares are cumulative and the dividends have not yet been declared or paid.
In BE17-2
Hedley had 2014 net income of $1.4 million. During 2014, Hedley paid a of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the year.

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