1.The Wu Corporation has the following balance in their common shares account at January 1st 20×8:
Common Shares, 924292 shares outstanding—$14811946
The contributed surplus account was zero at the beginning of the year but has a $76854 balance at December 31st 20×8. If only one share repurchase of 45287 shares occurred during the year, how much cash did Lynn pay to repurchase the shares?
2.The J&W Corporation’s shareholders’ equity as at December 31, 20×7 is as follows:
Common shares, 1196981 shares outstanding—$40,000,000
Preferred shares, $5.49, cumulative, 187658 shares outstanding—$15,000,000
The preferred share dividends were last paid on December 31, 20×4. It is now December 1, 20×8 and management wants to pay a dividend of $3.97 per common share.
What will be the total dividend declared on December 1, 20×8?