(Answered) Assignmentat december 31 2016 forgione company has the

Accounting

Assignment

At December 31, 2016, Forgione Company has the following: Common Stock, $10 par, 10,000 shares authorized, 8,000 issued, 7,000 outstanding Preferred Stock, $100 par, 7%, cumulative, 1,000 shares authorized, issued, and outstanding The company did not pay any dividend during 2015 or 2014.

REQUIRED:

1. Compute the amount of dividend to be received by the common and preferred stockholders in 2016 if the company declared a dividend of $50,000.

2. How many shares of treasury stock does Forgione have?

3. What are the dividends per share of common stock as a result of this distribution?

4. What are the dividends per share of Preferred stock as a result of this distribution?

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