Question: Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative preferred 3% stock, $20 par, and 31,000 shares of $75
Lightfoot Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative preferred 3% stock, $20 par, and 31,000 shares of $75 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $5,750; second year, $9,500; third year, $55,170; fourth year, $101,490. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0". 1st Year 3rd Year Preferred stock (dividend per share) 0.23 2.2 X 2nd Year 4th Year 0.38 X 4.06 Common stock (dividend per share) 431,250 X
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
