Bonita Corporation has outstanding 9,100 shares of $100 par value, 6% preferred stock and 60,500 shares of $10 par value common stock. The preferred stock was issued in January 2020, and no dividends were declared in 2020 or 2021. In 2022, Bonita declares a cash dividend of $270,000. (a) Assume that the preferred are noncumulative. How much dividend will the preferred stockholders receive

Bonita Corporation

Assuming that the preferred are noncumulative, the dividend that the preferred stockholders will receive is:

= $54,600.

Explanation:

a) Data and Calculations:

Outstanding 6% preferred stock = 9,100 shares

Par value of preferred stock = $100 per share

Value of preferred stock = $910,000

Fixed annual dividend when declared = $54,600 ($910,000 * 6%)

Common stock = 60,500 shares

Par value of common stock = $10 per share

Value of common stock = $605,000

Dividends declared in 2022 = $270,000

Since the preferred stock are non-cumulative, the dividend that the preferred stockholders will receive in 2022 = $54,600

The remaining $215,400 will be allocated to common stockholders at $3.56 per share ($215,400/60,500).

answer; schedule c;

answer: b. false

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