Solved: Total dividends paid to each class of stock, Accounting Basics

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Total dividends paid to each class of stock

Problem:

D Corp has 20,000 shares of $5 participating 9% cumulative preferred stock and 100,000 shares of $2 common stock. On July 1, 2003, the board of division declared a $30,000 dividend at the time the common stock was selling for $25 per share and the preferred stock was selling for $30. The total dividends paid to each class of stock on the payment date was?

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Accounting Basics: Total dividends paid to each class of stock

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