The Wu Corporation has the following balance in their common shares account at January 1st 20×8:

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?

Select one:

a. $648878

b. $76854

c. $1186312

d. $725732

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

Retained Earnings—$65,000,000

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?

Select one:

a. $7842742

b. $5782257

c. $4752015

d. $8872984