Question: The shareholders' equity of MLS Enterprises includes $260 million of no par common stock and $520 million of 5% cumulative preferred stock. The board of directors of MLS declared cash dividends of $60 million in 2016 after paying $22 million cash dividends in both 2015 and 2014.
What is the amount of dividends common shareholders will receive in 2016? Complete the chart.
|
total cash dividend paid |
paid to preferred |
paid to common |
dividends in arrears at year end |
| 2014 |
22 |
22 |
0 |
4 |
| 2015 |
22 |
22 |
0 |
8 |
| 2016 |
60 |
??? |
??? |
0 |