At the end of 2016, Washington Corporation reported a $40,000 balance in its common stock account (par value $1 per share). The treasury stock account balance was $720 (cost $6 per share). During 2016, the company declared and paid a cash dividend of $1.50 per share.
Required:
Calculate the total amount of the 2016 cash dividend.

Question

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The Answer of At the end of 2016, Washington Corporation reported a $40,000 balance in its common stock account (par value $1 per share). The treasury stock account balance was $720 (cost $6 per share). During 2016, the company declared and paid a cash dividend of $1.50 per share.
Required:
Calculate the total amount of the 2016 cash dividend.

At the End of 2016, Washington Corporation Reported a $40,000