Preferred stock calculate dividend amounts. Calculate the cash dividends required to be paid for each of the following preferred stock issues:
Required:
a. The semiannual dividend on 7% cumulative preferred, $50 par value, 40,000 shares authorized, issued, and outstanding.
b. The annual dividend on $4.20 cumulative preferred, 500,000 shares authorized, 160,000 shares issued, 137,400 shares outstanding. Last year's dividend has not been paid.
c. The quarterly dividend on 9.5% cumulative preferred, $100 stated value, $103 liquidating value, 120,000 shares authorized, 108,000 shares issued and outstanding. No dividends are in arrears.