Xerox Corp. reports the following shareholder equity information in its 10-K report.

Joint capital		December 31
(in millions, excluding nominal value)		2015	2014
A Series convertible preferred stock		$349	$349
Common stock, face value $1		$1,013	$1,124
Additional paid-in capital		3.017	4.283
Treasury stock at cost		-	(105)
Retained earnings		9.575	9.424
Other cumulative extensive damage		(4.753)	(4.270)
Xerox Equity		$8,852	$10,456

Preferred Stock As of December 31, 2015, we had an outstanding class preference share. We are authorized to issue approximately 22 million shares of cumulative preferred shares with a nominal value of US$1.00 per share.
A Series Convertible Preferred Stock: We issued 300,000 Series A convertible perpetual preference shares with a total liquidation preference of $300 and an initial fair value of $349. Convertible preferred stock pays quarterly cash dividends of 8% per year ($24 per year). Each share of convertible preferred shares is convertible at any time, at the owner's option, into 89,8876 common shares for a total of 26,966 thousand shares (reflecting an initial conversion price of approximately $11,125 per common share). conventional anti-dilution adjustments.
Ordinary Stock: We hold 1.75 billion authorized shares of common stock with a nominal value of US$1.00 per share. As of December 31, 2015, 102 million shares were allocated for issue of 102 million shares under our incentive compensation plans, 48 million shares were reserved for debt-to-stock exchanges and 27 million shares were reserved for Series A convertible preferred shares.

Required
 On December 31, 2015, Xerox reported $349 million of 8% Series A Convertible Preferred stock. What is the dollar dividend amount Xerox must pay on this stock (assume it's worth $90 per share)?

Answer rating: 100% (QA)

To calculate the dollar dividend amount Xerox must pay on its 8 Series A Convertible Preferred ... View the full answer