Testbank Multiple Choice Question 88 Concord Corporation, has 14300 shares of 4%, $100 par value, cumulative preferred stock and 59400 shares of $1 par value common stock outstanding at December 31, 2021. There were no dividends declared in 2019. The board of directors declares and pays a $116000 dividend in 2020 and in 2021. What is the amount of dividends received by the common stockholders in 2021

$60,400

Explanation:

Calculation to determine the amount of dividends received by the common stockholders in 2021

2021 Dividend received =($116,000*2)-[(14,300 × $100 × .04)×3]

2021 Dividend received =$232,000-($57,200×3)

2021 Dividend received =$232,000-$171,600

2021 Dividend received =$60,400

Note that 2020 and 2021 will give us 2 years; 2019,2020and 2021 will give us 3 years

Therefore the amount of dividends received by the common stockholders in 2021 will be $60,400

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