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What is the total amount of dividends to be distributed

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Problem - TAGOGO COMPANY has been paying regular quarterly dividends of P1.50 and wants to pay the same amount in the third quarter of 2013. The following information relates to the company's equity:

Jan. 1 Shares outstanding, 500,000; P2 par (900,000 shares authorized).

Feb.15 Issued 30,000 new shares at P10.50.

Mar.31 Paid quarterly dividend of P1.50 per share.

May 12 Converted P1,000,000 bonds to ordinary shares at the rate of P50 shares per P1,000 bond.

June 15 Issued a 10% share dividend.

June 30 Paid quarterly dividend of P2 per share.

What is the total amount of dividends to be distributed during the year assuming no equity transactions occur after June 30?

Reference no: EM132921298

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