Superior Corporation has the following capital stock outstanding: Preferred stock, 6 percent, par $15, outstanding shares, 8,000. Common stock, par $8, outstanding shares, 30,000. On October 1, 2013, the board of directors declared a full preferred stock dividend, payable on December 20, 2013. On December 20, 2013, the market prices were preferred stock, $40, and common stock, $32. Required: Indicate the direction and amount of change in total assets, liabilities, and stockholders’ equity as a result of: (a) Declaration of the cash dividend on October 1, (b) Payment of the cash dividend on December 20, and (c) A 100 percent common stock dividend on December 20? View Solution:
Superior Corporation has the following capital stock outstanding Preferred stock 6

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