Steve Corp At Dec. 31, 2015
6% cumulative preferred stock $100 par. 10,000 shares authorized, 6,000 shares issued
common stock $3 par 500,000 shares authorized 300,000 shares issued and outstanding
additional paid in capital: preferred stock
addition paid in capital: common stock
Retained earnings
dividends have been declared and paid for 2015
Refer to the information above. The balance of the Retained Earnings at the beginning of the year was $950,000 and there were no dividends in arrears. Net income for 2015 was $980,000. What was the amount of dividend declared on each share of common stock during 2015?
a. 2.68
b. 2.00
c. 2.08
d. 2.50