The shareholders’ equity of Vann Industries includes the data
shown below. During 2013, cash dividends of $150M were declared.
Dividends were not declared in 2012 or 2011.

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Question: The shareholders’ equity of Vann Industries includes the data shown below. During 2013, cash divi…
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Common
Stock                                                          
$200M

Pd-In Capital in excess of par,
common                    
$800M

Preferred Stock, 10%,
nonparticipating                     
$100M

Pd-In Capital in excess of par,
preferred                   
$270M

Determine the amount of dividends payable to preferred
shareholders and to common shareholders under each of the following
two assumptions regarding preferred stock:

a)The preferred stock is
noncumulative

b)The preferred stock is
cumulative

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