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Determine amount of dividends per share on preferred stock

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Question - The shareholders' equity of SiRF Company includes the items shown below. The board of directors of SiRF declared cash dividends of $3 million, $6 million, and $50 million in each of its first 3 years of operation: 2009, 2010, 2011, respectively.

Common stock, $1 par, 50,000,000 shares outstanding

Preferred stock, 6%, $100 par, 1,000,000 shares outstanding

Required: Determine the amount of dividends per share on preferred and common stock for each of the three years. The preferred stock is cumulative and nonparticipating.

Reference no: EM131787985

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