The shareholders' equity section of Crystal Company’s balance sheet includes the items shown below.

Preferred stock, 6%, $100 par, 1,000,000 shares outstanding

Common stock, $1 par, 50,000,000 shares outstanding

The board of directors of Crystal declared cash dividends of $3 million, $6 million, and $50 million in each of its first 3 years of operation: 2013, 2014, 2015, respectively.

Required:

Prepare a schedule showing the distribution of dividends by amount and per share of preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.

Answer rating: 100% (QA)

Year 2013 2014 2015 Cash Dividends 300000000 6000000... View the full answer