[The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity

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The Following Information Applies To The Questions Displayed Below Bacon Inc Has The Following Stockholders Equity 1 (36.68 KiB) Viewed 30 times

[The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively Additional paid-in capital Retained earnings. Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively Total stockholders' equity May 31, 2019 April 30, 2019 Total cash dividend i $16,800,000 ? 26,100,000 36,200,000 (4,412,000) $ $16,800,000 2,700,000 23,220,000 34,640,000 (4,148,000) $73,212,000 Assume that on June 1 the board of directors declared a cash dividend of $0.60 per share on the outstanding shares of common. stock. The dividend will be payable on July 15 to stockholders of record on June 15. e-1. Calculate the total amount of the dividend.