Question Find missing amounts, net income, issue price & dividends; interpret stock dividend & split Bacon, Inc., has the following owners' equity section in its May 31, 2009, comparative balance sheets:
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31-May-09
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30-Apr-09
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Paid-In capital:
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Preferred stock, $120 par value, 8%, cumulative, 100,000 shares authorized 80,000 shares issued and outstanding.................
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$9,600,000
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$9,600,000
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Common stock, $6 par value, 600,000 shares authorized, 400,000 and 380,000 shares issued, respectively...................................
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?
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2,280,000
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Additional paid-in capital..............................................................
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16,800,000
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16,480,000
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Retained earnings ........................................................................................
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13,900,000
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13,624,000
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Less: Treasury common stock, at cost; 18,000 shares and 17,000 shares, respectively ...................................................................................................
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-1,660,000
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-1,632,000
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Total stockholders' equity ...........................................................................
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mce_markernbsp; ?
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$40,352,000
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Suppose that on June 1st the board of directors declared a cash dividend of .21 dollar per share on the outstanding shares of common. The dividend will be payable on July 15 to stockholders of record on June 15.
Compute the total amount of the dividend.