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Sunland, Inc. has 1000 shares of 7%, $10 par value, cumulative preferred stock and 47000 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock?

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abiolataiwo2015

Answer:

700

Explanation:

Calculation for the annual dividend on the preferred stock

Annual dividend on the preferred stock=1000 shares of 7%, $10 par value

Annual dividend on the preferred stock=(1000*$10*.07)

Annual dividend on the preferred stock=$700

Therefore the annual dividend on the preferred stock will be $700

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