The board of directors of Streamlined Airlines has declared a dividend of $4,300,000. The company has 400,000 shares of preferred stock that pay $0.70 per share and 2,750,000 shares of common stock. After finding the amount of dividends due the preferred shareholders, calculate the dividend per share of common stock. (Round your answer to the nearest cent if necessary)

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First, calculate the total dividends for preferred shareholders: 400,000 shares * $0.70 = $280,000. Subtract this from the total dividend: $4,300,000 - $280,000 = $4,020,000. Then, divide by the number of common shares: $4,020,000 / 2,750,000 = $1.4618, rounded to $1.46 per share.

The Board of Directors of Streamlined Airlines Has Declared a Dividend