Below is the stockholders’ equity section of the balance sheet of Craft Corporation (with certain details omitted): Stockholders’ equity:  6% preferred stock, $100 par, 10,000 shares authorized and ? shares issued  $800,000  Common Stock, $25 par, 50,000 shares authorized, ? shares issued  625,000  Additional paid-in capital:  Preferred stock  150,000  Common stock  225,000  Total paid-in capital  $1,800,000  Retained earnings  950,000  Total stockholders’ equity ………………………………  $2,750,000  The balance in retained earnings at the beginning of the current year was $675,000, and there were no dividends in arrears. Net income for the current year was $350,000. Based on this information, what is the amount of the dividends declared on each share of common stock during the current year?  Select one: a. $2.27 b. $4.46 c. $1.08 d. $3.00

Earned Capital and Dividends 

Below is the stockholders’ equity section of the balance sheet of Craft Corporation (with certain details omitted):

Stockholders’ equity: 

6% preferred stock, $100 par, 10,000 shares authorized and ? shares issued 

$800,000 

Common Stock, $25 par, 50,000 shares authorized, ? shares issued 

625,000 

Additional paid-in capital: 

Preferred stock 

150,000 

Common stock 

225,000 

Total paid-in capital 

$1,800,000 

Retained earnings 

950,000 

Total stockholders’ equity ……………………………… 

$2,750,000 

The balance in retained earnings at the beginning of the current year was $675,000, and there were no dividends in arrears. Net income for the current year was $350,000. Based on this information, what is the amount of the dividends declared on each share of common stock during the current year? 

Select one:

a. $2.27
b. $4.46
c. $1.08
d. $3.00
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