Calculate Cash Dividends Paid
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On January 1, 2010, Metco, Inc., had 264,000 shares of $2 par value common stock issued and outstanding. On March 15, 2010, Metco, Inc., purchased for its treasury 3,100 shares of its common stock at a price of $39.00 per share. On August 10, 2010, 640 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $.70 per share during the second quarter and again during the fourth quarter, payable on June 30, 2010, and December 31, 2010, respectively. A 2.00% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.
Calculate the total amount of the cash dividends paid in the second quarter. (Omit the "$" sign in your response.)
Dividends paid in $:___________
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This solution illustrates how to compute the cash dividends paid on shares of common stock.
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Total shares outstanding at January 1, 2010 264,000
Total shares purchased on March 15, ...
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