Consistent Company has been paying regular quarterly dividends of $1.50 and wants to pay the same amount in the third quarter of 2011. Given the following information,

(1) What is the total amount that Consistent will have to pay in dividends in the third quarter in order to pay $1.50 per share, and

(2) What is the total amount of dividends to be distributed during the year assuming no equity transactions occur after June 30?

2011

Jan. 1 Shares outstanding, 800,000; $2 par (1,500,000 shares authorized).

Feb. 15 Issued 50,000 new shares at $10.50.

Mar. 31 Paid quarterly dividends of $1.50 per share.

May 12 Converted $1,000,000 of $1,000 bonds to common stock at the rate of 100 shares of stock per $1,000 bond.

June 15 Issued an 11% stock dividend.

30 Paid quarterly dividends of $1.50 per share.