Assume the company paid a dividend of 5 per share on august, Accounting Basics

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Assume the company paid a dividend of 5 per share on august

Problem

Jay-Cee Corporation had 20,000 shares of $4 par value common stock outstanding on January 1. On January 20, the company purchased 2,000 of its stock for $16 per share. On July 3. the company reissued 1,000 of the shares at $20 per share. Jay-C uses the cost method to account for its treasury stock. Assume the company paid a dividend of $5 per share on August 3. What is the total amount of the dividends that would be paid to the common stockholders?

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Accounting Basics: Assume the company paid a dividend of 5 per share on august

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