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Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares...

Question:

Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulativ
Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative preferred 3% stock, $20 par, and 38,000 shares of $100 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $6,900; second year, $11,400; third year, $63,060; fourth year, $111,100. 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". 1st Year 2nd Year 3rd Year 4th Year Preferred stock (dividend per share) Common stock (dividend per share)

Answers

1st Year 2nd Year 3rd Year 4th Year
Preferred stock   $20*3% = $0.60 $20*3% = $0.60 $20*3% = $0.60 $20*3% = $0.60
Common stock $                          -   $                          -   ($6,900+$11,400+$63,060)-(30,000*$0.60*3))/38,000 = $7.20 ($111,100-($0.60*30,000)) = $2.45


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