The shareholders’ equity of Zig Corporation includes $700,000 of $1 par common stock and $1,300,000 par value of 7% preferred stock. The board of directors of Zig declared cash dividends of $160,000 in 2015 after paying $70,000 cash dividends in each of 2014 and 2013. Required: What is the amount of dividends common shareholders will receive in 2015?
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The shareholders’ equity of Zig Corporation includes $700,000 of $1 par common stock and $1,300,000 par value of 7% preferred stock.
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