At December 31,2017,Corning Company has the following:
Common Stock,$10 par,10,000 shares authorized,9,000 issued,8,000 outstanding
Preferred Stock,$100 par,8%,cumulative,1,000 shares authorized,issued,and outstanding
The company did not pay any dividend during 2016 or 2015.

Required
Compute the amount of dividend to be received by the common and preferred stockholders in 2017 if the company declared a dividend of $60,000.

Question

At December 31,2017,Corning Company has the following:
Common Stock,$10 par,10,000 shares authorized,9,000 issued,8,000 outstanding
Preferred Stock,$100 par,8%,cumulative,1,000 shares authorized,issued,and outstanding
The company did not pay any dividend during 2016 or 2015.
​
Required
Compute the amount of dividend to be received by the common and preferred stockholders in 2017 if the company declared a dividend of $60,000.

Quizplus · Accepted Answer

The Answer of At December 31,2017,Corning Company has the following:
Common Stock,$10 par,10,000 shares authorized,9,000 issued,8,000 outstanding
Preferred Stock,$100 par,8%,cumulative,1,000 shares authorized,issued,and outstanding
The company did not pay any dividend during 2016 or 2015.
​
Required
Compute the amount of dividend to be received by the common and preferred stockholders in 2017 if the company declared a dividend of $60,000.

At December 31,2017,Corning Company Has the Following