Business, 14.04.2020 22:34 shusemann

Lightfoot Inc., a software development firm, has stock outstanding as follows: 20,000 shares of cumulative preferred 3% stock, $20 par, and 25,000 shares of $50 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $4,600; second year, $7,600; third year, $45,300; fourth year, $85,000. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter "0".

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Answer from: clara38

LIGHTFOOT Inc

Computation of dividend per each class of stock

Year 1

Total dividend available $4,600

Cumulative prefered dividend

(3%* 20,000*$20) 12,000

unpaid preferred dividend carried forward 7,400

Dividend per share :

Cumulative preferred stock = $12,000/20,000 = $0.6

Common stock = $0.

Year 2

Total dividend available $7,600

Cumulative prefered stock dividend :

Previous year brought forward $7,400

current year 12,000 19,400

Unpaid preferred dividend carried forward 11,800

Dividend per share :

Cumulative preferred stock = $12,000/20,000 = $0.6

Common stock = $0.

Year 3

Total dividend available $ 45,300

Cumulative Preferred stock dividend :

Dividend brought forward 11,800

current year 12,000 (23,800)

Dividend available for Common stock 21,500

Dividend per share :

Cumulative preferred stock = $12,000/20,000 = 0.6

Common stock = $21,500/25,000 = $0.86

Year 4

Total dividend available $85,000

cumulative Preferred bdividend (12,000)

Dividend available for Common stock 73,000

Cumulative preferred stock = $12,000/20,000 = $0.60

Common stock = $73,000/25,000 = $2.96

Explanation:

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